India's forex reserves down $383.7 mn at $293.4 bn

01 March 2014

India's foreign exchange reserves declined by $383.7 million to $293.405 billion during the week ended 21 February on account of fall in foreign currency assets, the Reserve Bank of India (RBI) reported in its weekly review on Friday.

India's foreign exchange reserves had jumped by a healthy $1.46 billion to $293.79 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the overall reserves, fell by $378.7 million to $266.87 billion in the week under review, RBI said.

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

Gold reserves with the RBI were unchanged at $20.075 billion.

The special drawing rights (SDRs) dipped by $3.5 million to $4.455 billion, while the nation's reserve position with the IMF dipped by $1.5 million to $2.005 billion, RBI said.

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