Forex reserves dip $392.6 million

After reaching a life-time high, India’s foreign exchange reserves marginally declined by $392.6 million to $366.77 billion in the week to August 26 on account of fall in foreign currency assets, Reserve Bank of India said.

Last week, reserves had increased by a healthy $1.346 billion to touch a record high of $367.169 billion.

Foreign currency assets,  major component of overall reserves, fell by $390.2 million to $341.285 billion, the Reserve Bank said on Friday.

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

Gold reserves remained unchanged at $21.584 billion.

India’s special drawing rights with International Monetary Fund fell $0.9 million to $1.496 billion, while the reserve position was down $1.5 million to $2.410 billion, RBI said.