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Forex reserves declined by $3.58 bn to $346.79 bn

Mumbai: According to Reserve Bank India’s foreign exchange reserves declined
by enormous 3.58 billion USD to 346.79 billion USD in the week which ended on February 26, as a fall in foreign currency assets (FCAs).

On February 26 the foreign currency assets stood at $325.02 bn and gold reserves remained unchanged at $17.70 billion in the week as per the RBI data.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

India’s special drawing rights (SDRs) and the country’s reserve position in the IMF stood at US$ 1.47 billion and US$ 2.59 billion, RBI said.