U.S. one-hundred dollar bills are arranged for a photograph in Hong Kong, China. (Photographer: Xaume Olleros/Bloomberg)

Forex Reserves Decline By $2.23 Billion To $412.83 Billion

India's forex reserves declined by $2.23 billion to $412.83 billion for the week ended May 25, on a dip in core currency assets, the Reserve Bank said yesterday.

Total reserves had declined by $2.64 billion to $415.05 billion in the previous reporting week.

The reserves had touched a record high of $426.028 billion in the week to April 13. It had crossed the $400-billion mark for the first time in the week to September 8 last year but has since been fluctuating.

The core currency assets fell by $2.229 billion to $387.597 billion for the reporting week, the apex bank said.

Expressed in U.S. dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-U.S. currencies such as the euro, the pound and the yen held in the reserves.

The value of the gold assets was unchanged at $21.70 billion, it said.

India's special drawing rights declined $2.9 million to $1.498 billion during the reporting week, while the reserve position in the IMF was down $3.9 million to $2.027 billion, the central bank said.

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