India's forex reserves down $1.16 billion

India's foreign exchange (forex) reserves decreased by $1.16 billion to $291.07 billion for the week ended Jan 31, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by $157.3 million to $292.23 billion for the week ended Jan 24.

According to the RBI's weekly statistical supplement foreign currency assets, the biggest component of the forex reserves, fell by $1.48 billion to $264.56 billion.

The foreign currency assets had risen by $1.20 billion to $265.93 billion in the previous week.

RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) decreased by $25.6 million to $4.43 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) fell by $11.5 million to $1.99 billion.

The value of India's gold reserves grew by $351.2 million at $20.07 billion.