Forex reserves fall $6.7 billion to $717.06 billion; gold holdings drag

India’s foreign exchange reserves declined by $6.711 billion to $717.064 billion for the week ended February 6, according to data released by the Reserve Bank of India (RBI) on Friday.In the previous reporting week, the reserves had surged by $14.361 billion to hit an all-time high of $723.774 billion.During the week ended February 6, foreign currency assets --the largest component of the reserves --increased by $7.661 billion to $570.053 billion, the RBI data showed.Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.The value of gold reserves, however, dropped sharply by $14.208 billion to $123.476 billion during the week, the RBI said.Special Drawing Rights (SDRs) declined by $132 million to $18.821 billion, the central bank added.India’s reserve position with the International Monetary Fund (IMF) also slipped by $32 million to $4.715 billion in the reporting week, as per RBI data.