India's forex reserves drop by $160 million to $635.66 billion

India's foreign exchange reserves dropped by $160 million to $635.66 billion during the week ended December 17, due to a sharp drop in foreign currency assets (FCAs), according to data released by the RBI. The FCAs, a major component of the overall reserves, fell by $645 million to $572.21 billion. Further, gold reserves rose by $475 million to $39.18 billion.