Forex reserves down by $387.5 mn to $355.55 bn

The decline in forex reserves was on account of fall in foreign currency assets, a major component of overall reserves

After touching a record high, foreign exchange reserves declined by $387.5 million to $355.559 billion in the week to March 25, the Reserve Bank said today.

In the week ended March 18, the country's reserves had increased by $2.539 billion to $355.947 billion, a record high.

The decline in forex reserves was on account of fall in foreign currency assets (FCAs), a major component of overall reserves.

FCAs dropped by $358.1 million to $332.146 billion in the reporting week, RBI said in a release today.

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

Gold reserves remained unchanged at $19.325 billion in the week.

India's special drawing rights with the International Monetary Fund (IMF) dipped by $10.7 million to $1.488 billion, while the country's reserve position with the Fund was down by $18.7 million to $2.599 billion, RBI said.