Forex reserves dive $2.2 bn to $275.5 billion
Mumbai: The foreign exchange reserves declined by a huge USD 2.23 billion to USD 275.49 billion on a sharp dip in the foreign currency assets, the Reserve Bank said on Friday.
The total reserves had dipped USD 1.09 billion to USD 277.72 billion in the previous reporting week.
Foreign currency assets (FCA), a major component of the forex reserves, dropped by USD 3.08 billion to USD247.40 billion for the week ended August 30, the Reserve Bank said.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves.
During the week, the gold reserves rose by USD 977.1 million to USD 21.724 billion, the central bank said.
For the week under review, the special drawing rights (SDRs) were down by USD 14.9 million to USD 4.374 billion, while the country's reserve position with the International Monetary Fund fell by USD 112.5 million to USD 1.990 billion, the RBI data showed.