India's foreign exchange reserves dropped by $360.9 million to $362.785 billion in the week to February 10 due to the decline in foreign currency assets (FCAs), a key component, the Reserve Bank of India (RBI) said on Friday. In the previous week, the reserves had increased by $1.588 billion to $363.146 billion. A major component of the overall reserves, FCAs declined by $347.1 million to $339.778 billion in the reporting week, the RBI said. Expressed in US dollar terms, they include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen held in the reserves. Gold reserves remained unchanged in the week at $19.248 million, the apex bank said. The special drawing rights with the International Monetary Fund fell by $5.3 million to $1.442 billion; India's reserve position with the Fund, too, declined by $8.5 million to $2.315 billion, RBI said.
Forex reserves down $360.9 mn to $362.78 bn due to the decline in FCAs
In the previous week, the reserves had increased by $1.588 billion to $363.146 billion
Press Trust of India |