India’s forex reserves dip by $248.20 mn to $405.81 bn

MUMBAI: The country’s foreign exchange reserves declined by $248.20 million to $405.81 billion in the week to July 6, despite a rise in foreign currency assets, RBI data showed.
In the previous week, forex reserves had declined by $1.76 billion to $406.06 billion. Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018.
Reserves had crossed the $400 billion mark for the first time in the week to September 8, 2017, 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 $380.792 billion, the RBI data showed.
Expressed in the dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
Gold reserves dropped by $329.9 million to $21.039 billion during the reporting week.
Special drawing rights with the International Monetary Fund increased by $2.9 million to $1.489 billion. The country’s reserve position with the IMF also rose by $4.9 million to $2.489 billion, the apex bank said.

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