Forex reserves down $704 mn to $354 bn

Foreign currency assets dipped by $410.1 million to $330.090 billion

The country’s foreign exchange reserves declined by $704 million to $354.517 billion in the week to July 3 on account of a fall in foreign currency assets, according to the weekly Reserve bank of India (RBI) data.

In the previous reporting week, the reserves had declined by $237.5 million to $355.221 billion after touching a lifetime high of $355.46 in the fortnight ended June 19.

Foreign currency assets (FCAs), which is a major component of overall reserves, dipped by USD 410.1 million to USD 330.090 billion, the data showed.

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.

The country's gold reserves also decreased by USD 265.9 million to USD 19.074 billion.

The special drawing rights with the International Monetary Fund were down by USD 21.2 million to USD 4.042 billion in the week under review, while India's reserve position with the financial institution declined by USD 6.8 million to USD 1.310 billion, the apex bank said.