Forex reserves fall $1.034 bn to $295.40 bn

Ending a five-week surge, the country's forex reserves went down by $1.034 billion to $295.40 billion for the week ended October 22, due to a fall in foreign currency assets.

The forex reserves had risen by $641 million to end at $296.43 billion the previous week.

Foreign currency assets, a major component of the forex pie, slipped by $988 million to $267.69 billion for the week, data released today by the Reserve Bank of India (RBI) showed.

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

Country's gold reserves were unchanged at $20.51 billion while India's Special Drawing Rights (SDRs) also declined to $5.178 billion, down $33 million, the data showed.

The country's reserve position in the International Monetary Fund narrowed by $13 million to $2.011 billion, the apex bank data showed.