Indian rupee and U.S. dollar banknotes (Photographer: Dhiraj Singh/Bloomberg)

India’s Forex Reserves Decline To $410 Billion

India’s foreign exchange reserves declined by $3.039 billion to $410.07 billion in the week ended June 15, due to fall in foreign currency assets, Reserve Bank of India data showed.

In the previous week, the reserves have risen by $879.5 million to $413.109 billion.

The reserves had touched a record high of $426.028 billion in the week to April 13, 2018. It had crossed the $400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.

In the reporting week, foreign currency assets, a major component of the overall reserves, dipped by $3.058 billion to $385.333 billion. Expressed in U.S. dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in the reserves.

Gold reserves rose marginally by $38.9 million to $21.228 billion in the reporting week, the data showed.

The special drawing rights with the International Monetary Fund dropped by $8.7 million to $1.491 billion.

The country's reserve position with the IMF also declined by $11.7 million to $2.017 billion, the apex bank said.