Forex reserves drop by $262.3 mn to $402.246 bn: RBI

In the previous week, the reserves had touched a life time high of $402.509 bn after rising by $1.782 bn

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After touching a record high, the foreign exchange reserves declined marginally by $262.3 million to $402.246 billion in the week to September 22, due to fall in foreign currency assets, the RBI data showed.

In the previous week, the reserves had touched a life time high of $402.509 billion after rising by $1.782 billion.

The foreign currency assets (FCA), a major component of the overall reserves, decreased by $259.3 million to $377.751 billion, the data showed.

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

Gold reserves remained unchanged at $20.691 billion. The special drawing rights with the International Monetary Fund (IMF) declined by $1.2 million to $1.512 billion.

The country's reserve position with the IMF declined by $1.8 million to $2.291 billion, the apex bank said.