Indian one thousand and five hundred rupee banknotes (Photographer: Dhiraj Singh/Bloomberg)

Forex Reserves Dip By $1.5 Billion To $366.13 Billion

India's foreign exchange reserves declined by $1.506 billion to $366.139 billion in the week to October 14, due to fall in foreign currency assets, the Reserve Bank said on Friday.

In the previous week, the reserves had decreased by $4.343 billion to $367.646 billion. It had touched a life-time high of $371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $1.486 billion to $340.908 billion.

FCAs, expressed in U.S. dollar terms, include the effect of appreciation/depreciation of non-U.S. currencies such as the euro, pound and the yen held in the reserves.

Gold reserves remained steady at $21.406 billion, the apex bank said.

The special drawing rights with the International Monetary Fund declined by $8 million to $1.468 billion, while India's reserve position with the Fund dipped by $12.8 million to $2.356 billion, RBI said.