Business Standard

Forex reserves slip below $430-bn-mark, down by $1.45 bn: RBI Report

In the previous week, the reserves had marginally slipped by $ 70.8 million to $ 430.501 billion but still remained above the $ 430 billion-mark

dollar, forex, euro, stocks

Press Trust of India Mumbai
After scaling new highs for weeks, the foreign exchange reserves fell by a steep $ 1.45 billion to $ 429.050 billion in the week to August 23 due to a fall in foreign currency assets, according to the latest weekly data released by the Central bank on Friday.
In the previous week, the reserves had marginally slipped by $ 70.8 million to $ 430.501 billion but still remained above the $ 430 billion-mark. The reserves had touched a life-time high of $ 430.572 billion in the week to August 9.
In the week to August 23, foreign currency assets, a major component of overall reserves, declined by $ 1.198 billion to $ 397.128 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, the gold reserves fell by $ 243.2 million to $ 26.867 billion, despite a massive rally in the prices of the yellow metal, according to the data.
The special drawing rights with the International Monetary Fund were down $ 4.5 million to $ 1.433 billion.
The country's reserve position with the Fund also decreased by $ 4.2 million to $ 3.621 billion.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 30 2019 | 7:15 PM IST

Explore News