Forex reserves dip by $248.20 mn to $405.81 bn

The country's foreign exchange reserves declined by USD 248.20 million to USD 405.81 billion in the week to July 6, despite a rise in the foreign currency assets, RBI data showed.

In the previous week, the forex reserves had declined by USD 1.76 billion to USD 406.06 billion.

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating.

In the week under review, foreign currency assets, a major component of the overall reserves, rose marginally by USD 73.9 million to USD 380.792 billion, the RBI data showed.

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

Gold reserves dropped by USD 329.9 million to USD 21.039 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) increased by USD 2.9 million to USD 1.489 billion.

The country's reserve position with the IMF also rose by USD 4.9 million to USD 2.489 billion, the apex bank said.