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Forex reserves dip $2.1 bn to $398.1 bn on fall in foreign currency assets

In the previous week, the reserves had surged by $2.063 billion to $400.24 billion

Press Trust of India  |  Mumbai 

Forex reserves rise by $2.7 bn to $396 bn, highest weekly gain in a year

The country's declined by $2.119 billion to $398.122 billion in the week to February 8, due to fall in foreign currency assets, according to the RBI data.

In the previous week, the reserves had surged by $2.063 billion to $400.24 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, fell by $2.448 billion to $370.981 billion. Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves. The reserves had touched a record high of $426.028 billion in the week to April 13, 2018.

Since then, the forex kitty has been on a slide and is now down by over $31 billion. Gold reserves remained unchanged at $22.686 billion in the reporting week, the data showed. The special drawing rights with the (IMF) decreased by $8 million to $1.462 billion. The country's reserve position with the IMF increased by $337.3 million to $2.991 billion, the apex bank said.

First Published: Fri, February 15 2019. 18:10 IST