India's foreign exchange(forex) reserves witnessed a slight contraction, according to the latest data from the Reserve Bank of India (RBI). The reserves decreased by $2.18 billion to $697.78 billion for the week ended October 10, amid a decline in foreign currency assets. The core component, foreign currency assets (FCA), fell by $5.61 billion to $572.10 billion . This drop was the primary driver of the overall reserve decrease. FCA, expressed in dollar terms, is impacted by the appreciation or depreciation of non-US currencies like the euro, pound, and yen held within the reserves. However, the value of gold reserves jumped by $3.60 billion to $102.37 billion. The value of Special Drawing Rights (SDRs) also decreased to $18.68 billion and India's reserve position with the International Monetary Fund (IMF) dipping by $36 million to $4.63 billion. RBI gold reserves broke $100 billion mark for first time and hit highest share in forex reserves in 20 years.

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