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Forex reserves down $360.9 mn to $362.78 bn due to the decline in FCAs

Press Trust of India/Mumbai 17 Feb 17 | 08:05 PM

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

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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, the 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.

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