Forex reserves dip by USD 383.7 mn to USD 293.4 bn

The foreign exchange reserves declined by USD 383.7 million to USD 293.405 billion for the week to February 21 on account of fall in foreign currency assets, the Reserve Bank said today.
In the previous reporting week, the reserves had jumped by a healthy USD 1.46 billion to USD 293.79 billion.
Foreign currency assets (FCAs), a major part of the overall reserves, fell by USD 378.7 million to USD 266.87 billion in the week under review, RBI said.
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen, held in its reserves.

The gold reserves, during the week, were unchanged at USD 20.075 billion.
The special drawing rights also dipped by USD 3.5 million to USD 4.455 billion, while the nation's reserve position with the IMF dipped by a tad USD 1.5 million to USD 2.005 billion, the RBI said.