Forex Reserves Fall From Record High To $578.5 Billion
A U.S. one-hundred dollar banknote and Indian ten rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Forex Reserves Fall From Record High To $578.5 Billion

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The country's foreign exchange reserves declined by $778 million to $578.568 billion in the week to Dec. 11, Reserve Bank of India data showed on Friday.

In the previous week, the reserves had touched a lifetime high of $579.346 billion after increasing by $4.525 billion.

In the reporting week, the reserves declined due to a fall in foreign currency assets, a major component of the overall reserves.

Foreign currency assets dropped by $1.042 billion to $536.344 billion, as per the weekly data by the Reserve Bank of India.

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

The gold reserves increased by $284 million in the reporting week to $6.012 billion, the data showed.

Also read: When Deepak Parekh Met Raghuram Rajan: Is It Time For India To Have A Sovereign Wealth Fund?

The special drawing rights with the International Monetary Fund dipped by $3 million to $1.503 billion.

The country's reserve position with the International Monetary Fund also fell by $16 million to $4.709 billion.

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