Forex reserves fall to $293 bn

The foreign exchange reserves declined by $383.7 million to $293.405 billion for the week to February 21 on account of fall in foreign currency assets, the Reserve Bank said today.

In the previous reporting week, the reserves had jumped by a healthy $1.46 billion to $293.79 billion.

Foreign currency assets (FCAs), a major part of the overall reserves, fell by $378.7 million to $266.87 billion in the week under review, RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen, held in its reserves.

The gold reserves, during the week, were unchanged at $20.075 billion.

The special drawing rights also dipped by $3.5 million to $4.455 billion, while the nation's reserve position with the IMF dipped by a tad $1.5 million to $2.005 billion, the RBI said.