Forex tracker: Reserves drop $2.7 bn to $687 bn; weekly decline driven by FCA and gold

India’s foreign exchange reserves fell for the third consecutive week, slipping by $2.699 billion to $687.034 billion for the week ended November 7, according to data released by the Reserve Bank of India (RBI) on Friday.The forex kitty had already declined by $5.623 billion in the previous week to $689.733 billion, extending what has become a steady downward trend, PTI reported.During the latest week, foreign currency assets — the largest component of reserves — dropped by $2.454 billion to $562.137 billion. FCA values also reflect currency movements in euro, pound and yen against the US dollar.Gold reserves fell as well, decreasing by $195 million to $101.531 billion. Special Drawing Rights (SDRs) slipped by $51 million to $18.594 billion.India’s reserve position with the International Monetary Fund remained unchanged at $4.772 billion during the week, the RBI said.