Forex reserves down by $887.2 million to $362.987 billion

index.jpgSource: The Economic Times, Dec 16, 2016

MUMBAI: India’s foreign exchange reserves declined by $887.2 million to $362.987 billion in the week to December 9 due to fall in foreign currency assets, the Reserve Bank said today. In the previous week, the reserves had declined by $1.431 billion to $363.874 billion.

They had touched a life-time high of $371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $873 million to $339.258 billion.

FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves. Gold reserves remained steady at $19.982 billion in the reporting week, RBI said.

The special drawing rights with the International Monetary Fund decreased by $5.4 million to $1.438 billion, while India’s reserve position with the Fund dipped by $8.8 million to $2.307 billion, the apex bank said.

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