Forex reserves drop by $121.2 mn to $393.01 mn on dip in currency assets

The country's foreign exchange reserves declined by USD 121.2 million to USD 393.01 billion for the week ended November 9, largely on a dip in currency assets, RBI data showed Friday.

The overall reserves had increased by USD 1.054 billion to USD 393.132 billion in the previous reporting week, after weeks of decline.

For the week ended November 9, foreign currency assets, a major part of the overall reserves, declined USD 103.2 million to USD 368.035 billion, the Reserve Bank said.

Expressed in US dollars, foreign currency assets include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

The gold reserves were stable at USD 20.888 billion after a sharp rise last week, according to the latest RBI data.

The country's reserve position with the International Monetary Fund declined USD 11.6 million to USD 2.628 billion. The special drawing rights with the Fund slipped USD 6.4 million to USD 1.459 billion.

The forex kitty had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by over USD 31 billion as the monetary authority has been selling dollars to contain rupee volatility.