Forex reserves continue to fall; down $734.5 mn to $405.07 bn

The forex kitty had declined USD 248.20 million to USD 405.81 billion in the previous reporting week.

The country's foreign exchange reserves declined USD 734.5 million to USD 405.075 billion for the week ended July 13, Reserve Bank data showed today.

The forex kitty had declined USD 248.20 million to USD 405.81 billion in the previous reporting week. The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018.

In the week under review, foreign currency assets, a major component of the overall reserves, declined USD 789.1 million to USD 380 billion, the RBI data showed.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

Gold reserves increased by USD 75.4 million to USD 21.115 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) decreased by USD 7.8 million to USD 1.481 billion, while India's reserve position with the IMF also declined by USD 13 million to USD 2.476 billion.

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