Forex reserves fall by USD 446 mn to USD 428.6 bn

The country's foreign exchange reserves fell by USD 446 million to USD 428.604 billion in the week to August 30, mainly on account of a drop in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves declined by a steep USD 1.45 billion to USD 429.050 billion.

The reserves had touched a life-time high of USD 430.572 billion in August this year.

In the week to August 30, foreign currency assets, a major component of overall reserves, declined by USD 1.124 billion to USD 396 billion, the Reserve Bank said.

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

During the week, gold reserves increased by USD 682 million to USD 27.55 billion, according to the data.

The special drawing rights with the International Monetary Fund remained unchanged at USD 1.433 billion during the week.

The country's reserve position with the Fund decreased marginally by USD 5 million to USD 3.617 billion.