Forex reserves dip by USD 2.25 bn to USD 407.81 bn

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MUMBAI: India’s foreign exchange reserves declined by USD 2.25 billion to USD 407.81 billion in the week to June 22 on account of fall in foreign currency assets, Reserve Bank of India (RBI) data showed.

In the previous week, reserves had decreased by USD 3.04 billion to USD 410.07 billion.

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

In the reporting week, foreign currency assets, a major component of the overall reserves, dipped by USD 2.833 billion to USD 382.499 billion, data showed.

Expressed in US 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 by USD 102.9 million to USD 21.331 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 0.5 million to USD 1.49 billion.

India’s reserve position with the International Monetary Fund (IMF) also increased by USD 475.6 million to USD 2.493 billion, the apex bank said.

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