Forex Reserves Fall By $446 Million To $428.6 Billion
India’s foreign exchange reserves fell by $446 million to $428.604 billion in the week to Aug. 30, mainly on account of a drop in foreign currency assets, Reserve Bank of India data showed.
In the previous week, the reserves declined by $1.45 billion to $429.050 billion. The reserves had touched a life-time high of $430.572 billion in August this year.
In the week to Aug. 30, foreign currency assets, a major component of overall reserves, declined by $1.124 billion to $396 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, gold reserves increased by $682 million to $27.55 billion, according to the data. The special drawing rights with the International Monetary Fund remained unchanged at $1.433 billion during the week.
The country's reserve position with the Fund decreased marginally by $5 million to $3.617 billion.