Forex Reserves dropped USD 22.2 mn to USD 398.74 bn

Posted by Daily Shipping Times on 13-11-2017        Tweet

MUMBAI: The Country's foreign exchange reserves declined by USD 22.2 million to USD 398.739 billion in the week to November 3, mainly due to a fall in foreign currency assets, RBI data showed. In the previous week, the reserves had fallen by USD 1.159 billion to USD 398.761 billion.

The foreign currency assets (FCAs), a major component of the overall reserves, fell by USD 547.8 million to USD 374.320 billion, the data showed. Expressed in US dollar terms, FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves. The gold reserves decreased by USD 573.6 million to USD 20.666 billion.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 1.4 million to USD 1.491 billion. The Country's reserve position with the IMF increased by USD 2.2 million to USD 2.260 billion, the Apex Bank said.