Forex reserves take a dip due to decline in FCA: RBI

PTI

India's foreign exchange reserves dropped by $360.9 million to $362.785 billion in the week to February 10 due to decline in foreign currency assets (FCAs), a key component, the Reserve Bank said today.

In the previous week, the reserves had increased by $1.588 billion to $363.146 billion.

A major component of the overall reserves, FCAs declined by $347.1 million to $339.778 billion in the reporting week, RBI said.

Expressed in US dollar terms, they 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 unchanged in the week at $19.248 million, the apex bank said.

The special drawing rights with the International Monetary Fund fell by $5.3 million to $1.442 billion; India's reserve position with the Fund, too, declined by $8.5 million to $2.315 billion, RBI said