Forex Reserve Slips Below $430-Billion Mark, Down $1.45 Billion
The foreign exchange reserves fell by $1.45 billion to $429.050 billion in the week to Aug. 23 due to a fall in foreign currency assets, according to the latest weekly data released by the Reserve Bank of India on Friday.
In the previous week, the reserves had marginally slipped by $70.8 million to $430.501 billion but still remained above the $430 billion-mark. The reserves had touched a life-time high of $430.572 billion in the week to Aug. 9.
In the week to Aug. 23, foreign currency assets, a major component of overall reserves, declined by $1.198 billion to $397.128 billion, the RBI said.
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 the yen held in the foreign exchange reserves.
During the week, the gold reserves fell by $243.2 million to $26.867 billion, despite a massive rally in the prices of the yellow metal, according to the data.
The special drawing rights with the International Monetary Fund were down $4.5 million to $1.433 billion.
The country's reserve position with the Fund also decreased by $4.2 million to $3.621 billion.