Forex Reserves Decline By $388 Million To $428.57 Billion

India's foreign exchange reserves declined by $388 million to $428.572 billion for the week ended Sept. 20 due to a slide in core currency and gold assets, the Reserve Bank of India said on Friday.

The overall reserves had declined by $649 million to $428.960 billion in the previous reporting week. They had touched a life-time high of $430.572 billion in August this year.

In the week to Sept. 20, foreign currency assets, a major component of overall reserves declined by $125 million to $396.670 billion, the RBI said.

Expressed in U.S. 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 value of gold reserves declined by $259 million to $27.843 billion, making it the second consecutive week of decline in the value of the precious metal held by India, according to the data.

The special drawing rights with the International Monetary Fund increased by $3 million to $1.435 billion during the week.

The country's reserve position with the Fund declined by $6 million to $3.623 billion, the apex bank said.