India's forex reserves down by $2.59 bn

India's foreign exchange reserves decreased by $2.59 billion to $340.41 billion for the week ended April 10, Reserve Bank of India (RBI) data showed on Friday.

For the previous week ended April 3, the reserves had grown by $1.62 billion to $343 billion. It had increased by $1.38 billion to $341.37 billion in the week ended March 27.

The Indian reserves declined during the week under review due to a major fall in the foreign currency assets (FCA), the biggest component of the forex reserves.

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

The Indian reserves hold nearly 20-25 percent of the non-dollar currencies.

The FCA fell by $2.51 billion during the week under review at $316.13 billion.

The FCA had grown by $2.40 billion at $318.64 billion in the week ended April 3. The FCA in the week ended March 27 had risen by $1.35 billion at $316.23 billion.

India's reserve position with the International Monetary Fund (IMF) in the week ended April 10 was down $20 million at $1.28 billion.

The value of special drawing rights (SDRs) decreased by $61.9 million in the week under review at $3.95 billion.

However, gold reserves were static at $19.03 billion. The bullion had fallen by $799 million at $19.03 billion for the week ended April 3.