Forex reserves dip by $2.3 bn to $407.8 bn as foreign currency assets fall

Gold reserves rose by $102.9 mn to $21.331 bn in the reporting week

India's foreign exchange reserves declined by $2.25 billion to $407.81 billion in the week to June 22 on account of fall in foreign currency assets, Reserve Bank of India (RBI) data showed.

In the previous week, reserves had decreased by $3.04 billion to $410.07 billion.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating.
 

In the reporting week, foreign currency assets, a major component of the overall reserves, dipped by $2.833 billion to $382.499 billion, data showed.

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

Gold reserves rose by $102.9 million to $21.331 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by $0.5 million to $1.49 billion.

The country's reserve position with the International Monetary Fund (IMF) also increased by $475.6 million to $2.493 billion, the apex bank said.