Financials News

Forex reserves drop by $262.3 million to $402.246 billion

Forex reserves drop by $262.3 million to $402.246 billion

Mumbai: After touching a record high, the foreign exchange reserves declined marginally by USD 262.3 million to USD 402.246 billion in the week to September 22, due to fall in foreign currency assets, the RBI data showed.

In the previous week, the reserves had touched a life time high of USD 402.509 billion after rising by USD 1.782 billion.

The foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 259.3 million to USD 377.751 billion, the data showed.

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

Gold reserves remained unchanged at USD 20.691 billion. The special drawing rights with the International Monetary Fund (IMF) declined by USD 1.2 million to USD 1.512 billion.

The country’s reserve position with the IMF declined by USD 1.8 million to USD 2.291 billion, the apex bank said.

PTI