Forex reserves nose dive to $176.5bn

Foreign exchange reserves plunged to $176.585 billion from $666 million  for the week ended January 5, according to the weekly supplement released by the Reserve Bank of India on Friday.

Foreign currency assets dropped down to $169.522 billion from $665 million. Gold reserves and Special Drawing Rights (SDRs) remained unchanged at $6.517 billion and $1 million, respectively.

The reserve tranche position with the International Monetary Fund (IMF) was leaner by $1 million at $545 million, the release added.