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

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The country’s 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 on Friday.

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.

Expressed in the US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.
However, the gold reserves remained unchanged at USD 20.703 billion, unlike in the last reporting week when it had risen by a tad.

The special drawing rights with the International Monetary Fund fell by USD 5.3 million to USD 1.497 billion.

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.