Forex reserves dip by $4.67 bn

A significant dip in India’s foreign currency assets resulted in a whopping $4.67 billion decline in the country’s foreign exchange reserves to $302.1 billion for the week ended December 16.

Foreign currency assets, the biggest component of the forex reserves, fell by $4.668 billion to $266.968 billion for the reporting week, the Reserve Bank India said in its weekly statistical supplement report.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

The country’s gold reserves remained unchanged at $28.041 billion, it added.

The country’s special drawing rights (SDRs) were down by $54 million to $4.439 billion, while its reserve position in the International Monetary Fund increased by $47 million to $2.652 billion, the data said.

The country’s foreign exchange reserves had declined by $69 million to $306.775 billion in the previous reporting week.