Forex reserves slip below $430-bn-mark, down by $1.45 bn: RBI Report

After scaling new highs for weeks, the foreign exchange reserves fell by a steep $ 1.45 billion to $ 429.050 billion in the week to August 23 due to a fall in foreign currency assets, according to the latest weekly data released by the Central bank on Friday.

In the previous week, the reserves had marginally slipped by $ 70.8 million to $ 430.501 billion but still remained above the $ 430 billion-mark. The reserves had touched a life-time high of $ 430.572 billion in the week to August 9.

In the week to August 23, foreign currency assets, a major component of overall reserves, declined by $ 1.198 billion to $ 397.128 billion, the Reserve Bank said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, the gold reserves fell by $ 243.2 million to $ 26.867 billion, despite a massive rally in the prices of the yellow metal, according to the data.

The special drawing rights with the International Monetary Fund were down $ 4.5 million to $ 1.433 billion.

The country's reserve position with the Fund also decreased by $ 4.2 million to $ 3.621 billion.