Forex reserves in India down $795 millionStaff Writer | December 3, 2018
The country's foreign exchange reserves dropped by $795 million to $392.785 billion in the week to November 23 due to a decline in foreign currency assets, according to RBI data.
Asia In the previous week, the reserves had increased by $568.9 million
In the reporting week, foreign currency assets, a major component of the overall reserves, fell by $841 million to $367.699 billion, as per the RBI data.
Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.
Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion.
The special drawing rights with the International Monetary Fund (IMF) increased by $3.5 million to $1.457 billion.
The country's reserve position with the IMF also jumped by $6.2 million to $2.630 billion, the apex bank said. ■