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Forex reserves in India down $795 million

Staff 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.
India reserves
Asia   In the previous week, the reserves had increased by $568.9 million
In the previous week, the reserves had increased by $568.9 million to $393.580 billion.

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.


 

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