Forex reserves drop by $262.3 million to $402 billion

Posted by Daily Shipping Times on 03-10-2017        Tweet

MUMBAI: After touching a record high, the foreign exchange reserves declined marginally by $262.3 million to $402.246 billion in the week to September 22, due to fall in foreign currency assets, the RBI (Reserve Bank of India) data showed.

In the previous week, the reserves had touched a life time high of $402.509 billion after rising by $1.782 billion. The foreign currency assets (FCA), a major component of the overall reserves, decreased by $259.3 million to $377.751 billion, the data showed.

Expressed in US dollar terms, the FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves. Gold reserves remained unchanged at $20.691 billion.

The special drawing rights with the International Monetary Fund (IMF) declined by $1.2 million to $1.512 billion. The Country’s reserve position with the IMF declined by $1.8 million to $2.291 billion, the Apex Bank said.