Forex reserves drop by $3.2 billion to reach $284.6 billion.

Fall in reserves was due sharp fall foreign currency assets which are substantial part of reserves

Forex reserves dropped by $3.2 billion to reach $284.6 billion in the week ended June 28, Reserve Bank of India said today.

According to weekly statistical supplement of the central bank, fall in reserves was due sharp fall foreign currency assets which are the substantial part of reserves. FCAs came down by $3.1 billion during the week ended June 28.

Country's reserve position at International Monetary Fund (IMF) decreased by $15.5 million to $2.1 billion while special drawing rights from IMF decreased by $31 million to $4.3 billion.

Central bank, apart from dollars also holds British Pound, Euro and Japanese Yen in the reserve however values of these too are expressed in dollar terms.

RBI has been consistently intervening in the forex market to stop rupee’s slide either by selling dollars from reserves or through public sector bank. During the reporting week, rupee had touched its all time low of 60.76 against the dollar.