Forex reserves fall sharply by $3.433 bn to $351.92 bn

After rising for two consecutive weeks, country's foreign exchange reserves declined sharply by USD 3.433 billion to USD 351.920 billion in the week to August 28, due to fall in foreign currency assets.
In the previous reporting week, the reserves had increased by USD 920.6 million to USD 355.353 billion, close to an all-time high of USD 355.46 billion, touched in the week to June 19.
Foreign currency assets (FCAs), a major component of overall reserves, were down by USD 3.424 billion to USD 328.306 billion in the reporting week, according to the latest Reserve Bank data.
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 gold reserves stood unchanged at USD 18.250 billion.
India's special drawing rights with the International Monetary Fund fell by USD 7.1 million to touch USD 4.067 billion in the week under review, while the nation's reserve position with the Fund declined by USD 2.3 million to USD 1.295 billion, the apex bank said.