Forex reserves down $4.29 bn to $316.50 bn

India's forex reserves fell by a whopping $4.29 billion to $316.50 billion for the week ended September 9 on the back of a drop in foreign currency assets (FCAs), the Reserve Bank of India (RBI) said today.

The foreign exchange reserves had risen by $1.61 billion to $320.76 billion in the previous reporting week.

FCAs, the biggest component of the reserves, plummeted by $4.174 billion to $280.701 billion for the week ended September 9, the RBI said in its weekly data released this evening.

FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as euro, pound and yen, held in the reserves, it said.

Gold reserves remained unchanged at 28.319 billion, the apex bank data said.

Both the special drawing rights (SDRs) and reserve position in the IMF were down during the reporting week, the central bank said.

The SDRs decreased $69 million to $4.547 billion, while India's reserve position in the IMF dropped by $45 million to $2.930 billion, the data showed.