India's foreign reserves plummet $3.20 bn

Dropping for the second straight week, India's foreign exchange reserves plummeted by a hefty $3.20 billion at $284.65 billion on a heavy decline in the currency assets, the Reserve Bank said today.

Forex reserves had declined by $2.82 billion to $287.85 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of forex reserves, slipped by $3.15 billion at $255.28 billion for the week ended June 28, the RBI data showed.

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

The gold reserves remained unchanged at $22.836 billion during the week under review.

The special drawing rights were down by $30.8 million to $4.342 billion during the period, while India's reserve position with the IMF declined by $15.5 million to $2.189 billion, the data showed.