Forex reserves down by over USD 1 billion to USD 401 billion

Posted by Daily Shipping Times on 18-12-2017        Tweet

MUMBAI: The foreign exchange reserves declined by USD 1.044 billion to USD 400.897 billion in the week to December 8 due to a steep fall in foreign currency assets, the Reserve Bank of India (RBI) said.

In the previous week, the reserves had increased by USD 1.2 billion to USD 401.942 billion.

The foreign currency reserves, a major component of the overall reserves, declined by USD 1.028 billion to USD 376.428 billion, according to the RBI data.

The gold reserves remained unchanged at USD 20.703 billion, unlike in the last reporting week when it had risen by a tad. The Country's reserve position with the International Monetary Fund also declined by USD 11 million to USD 2.269 billion, the Reserve Bank of India said.