Forex reserves continue to slide, fall by $1.23 bn

The country's foreign exchange reserves fell for the second consecutive week, going down by $1.23 billion to $311.48 billion, for the week ended September 30, the Reserve Bank of India (RBI) said today.

The total reserves had fallen by a staggering $4.05 billion to $312.71 billion in the previous week.

Foreign currency assets, the biggest component of the foreign reserves, were down $1.235 billion to $275.699 billion for the week ended September 30, the RBI said in its weekly data released today.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

The country's gold reserves were up by $348 million at 28.667 billion, while the special drawing rights (SDRs) were up by a marginal $7 million to $4.504 billion, the apex bank data said.

The country's reserve position in the International Monetary Fund was down by $345 million to $2.612 billion, the RBI data showed.