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

India’s Forex Reserves Dip By $248.2 Million To $405.8 Billion

The country's foreign exchange reserves declined by $248.2 million to $405.8 billion in the week to July 6, despite a rise in the foreign currency assets, Reserve Bank of India data showed.

In the previous week, the forex reserves had declined by $1.76 billion to $406.1 billion.

Forex reserves had touched a record high of $426 billion in the week to April 13, 2018. Reserves had crossed the $400-billion mark for the first time in the week to Sept. 8 last year, but have since been fluctuating.

In the week under review, foreign currency assets, a major component of the overall reserves, rose marginally by $73.9 million to $380.8 billion, the RBI data showed.

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

  • Gold reserves dropped by $329.9 million to $21 billion in the reporting week.
  • The special drawing rights with the International Monetary Fund increased by $2.9 million to $1.49 billion.
  • The country's reserve position with the IMF also rose by $4.9 million to $2.49 billion, the apex bank said.