Forex Reserves Fall To $393.523 Billion In Week Ended Oct.19
India’s foreign exchange reserves fell $942 million to $393.523 billion in the week to Oct.19 owing to a fall in foreign currency assets, according to data from the Reserve Bank of India.
In the reporting week, foreign currency assets, a major component of overall reserves, fell by $922.4 million to $369.076 billion, according to the central bank. In the previous week, the reserves had seen a steep decline of $5.14 billion to reach $394.465 billion.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-U.S. currencies such as the euro, the pound and the yen held in the reserves.
Forex reserves touched a record $426.028 billion in the week to Apr. 13. Since then, it has been on a slide, slipping by over $31 billion.
- Gold reserves remained unchanged at $20.522 billion in the reporting week.
- Special drawing rights with the International Monetary Fund were down by $7.3 million to $1.465 billion.
- The country’s reserve position with the IMF declined by $12.3 million to $2.495 billion, as per RBI.