Indian rupee and U.S. dollar banknotes are arranged for a photograph in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)  

Forex Reserves Down By $795 Million To $392.78 Billion 

India’s foreign exchange reserves dropped by $795 million to $392.785 billion in the week to Nov. 23 due to a decline in foreign currency assets.

In the previous week, the reserves had increased by $568.9 million to $393.580 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, fell by $841 million to $367.699 billion, according to data by the Reserve Bank of India.

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

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion. Gold reserves rose by $36.6 million to $20.998 billion, the data showed.

The special drawing rights with the International Monetary Fund increased by $3.5 million to $1.457 billion. The country’s reserve position with the IMF also jumped by $6.2 million to $2.630 billion, the apex bank said.