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Forex reserves down by USD 795 mn to USD 392.78 bn

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Dion Global

30 Nov 2018

The country's foreign exchange reserves dropped by USD 795 million to USD 392.785 billion in the week to November 23 due to a decline in foreign currency assets, according to RBI data.

In the previous week, the reserves had increased by USD 568.9 million to USD 393.580 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, fell by USD 841 million to USD 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 USD 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 USD 31 billion.

Gold reserves rose by USD 36.6 million to USD 20.998 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) increased by USD 3.5 million to USD 1.457 billion.

The country's reserve position with the IMF also jumped by USD 6.2 million to USD 2.630 billion, the apex bank said.