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

India’s Forex Reserves Dip By $1.76 Billion To $406.1 Billion

India’s foreign exchange reserves declined by $1.7 billion to $406.1 billion in the week to June 29, Reserve Bank of India data showed.

In the previous week, reserves had dipped by $2.25 billion to $407.81 billion. Forex reserves had touched a record high of $426 billion in the week that ended April 13. 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.

Reserves had crossed the $400-billion mark for the first time in the week to Sep.8, 2017, but have since been fluctuating. In the reported week, foreign currency assets, a major component of the overall reserves, decreased by $1.78 billion to $380.7 billion, according to Reserve Bank data.

Gold reserves rose by $38 million to $21.4 billion in the reporting week.

The special drawing rights with the International Monetary Fund fell by $ 5.2 million to $ 1.48 billion. India’s reserve position with the IMF also declined by $ 8.7 million to $2.48 billion, the apex bank said.