Forex reserves fall by $1.237 bn to $417.702 bn

The country's foreign exchange reserves decreased by USD 1.237 billion to USD 417.702 billion in the week to May 11, on account of a fall in foreign currency assets, the Reserve Bank data showed today.

In the previous week, the country's foreign exchange reserves had fallen by USD 1.426 billion to USD 418.940 billion.

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

In the reporting week, the foreign currency assets, a major component of the overall reserves, declined by USD 1.262 billion to USD 392.453 billion.

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

Gold reserves rose by USD 26.2 million to USD 21.687 billion in the reporting week, the data showed.

The special drawing rights with the International Monetary Fund (IMF) dipped by USD 0.3 million to USD 1.515 billion.

The country's reserve position with the IMF also declined by USD 0.3 million to USD 2.045 billion, the apex bank said.