Forex Reserves Decline By USD 388 Million To USD 428.57 Billion

Mumbai: India’s forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets, the Reserve Bank said on Friday.

The overall reserves had declined by USD 649 million to USD 428.960 billion in the previous reporting week. They had touched a life-time high of USD 430.572 billion in August this year.

In the week to September 20, foreign currency assets, a major component of overall reserves declined by USD 125 million to USD 396.670 billion, the RBI said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, the value of gold reserves declined by USD 259 million to USD 27.843 billion, making it the second consecutive week of decline in the value of the precious metal held by India, according to the data.

The special drawing rights with the International Monetary Fund increased by USD 3 million to USD 1.435 billion during the week.

The country’s reserve position with the Fund declined by USD 6 million to USD 3.623 billion, the apex bank said.