Forex reserves drop by $3.22 bn to $420.37 bn due to fall in FCAs

The country's foreign exchange reserves fell by USD 3.216 billion to USD 420.366 billion in the week to April 27 due to a fall in foreign currency assets, RBI data showed today.

In the previous week, the reserves had declined by USD 2.499 billion to USD 423.582 billion.

The reserves had touched a record high of USD 426.028 billion in the week to April 13. It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.

In the reporting week, the foreign currency assets, a major component of the overall reserves, declined by USD 3.208 billion to USD 395.276 billion.

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

After remaining stable for past few weeks, gold reserves increased by USD 26.6 million to USD 21.510 billion in the reporting week, the Reserve Bank of India (RBI) said.

The special drawing rights with the International Monetary Fund (IMF) dipped by USD 14.6 million to USD 1.523 billion.

The country's reserve position with the IMF also declined by USD 19.7 million to USD 2.055 billion, the apex bank said.