Forex reserves plunge by $781.5 mn

Forex reserves plunge by $781.5 mn Mumbai: The foreign exchange reserves continued to dip for the second straight week, falling by USD 781.5 million to USD 293.56 billion due to a decline in the core currency assets.

Foreign currency assets, a major component of the forex reserves, were down by USD 751.8 million to USD 258.71 billion for the week ended November 9, the Reserve Bank's said in its weekly statistical supplement today.

The total reserves had dipped by USD 950.3 million to USD 294.47 billion in the previous reporting week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

However, the gold reserves remained unchanged at USD 28.19 billion during the week, the apex bank said.

For the week under review, the special drawing rights (SDRs) were down by USD 19.6 million to USD 4.408 billion, while the country's reserve position with the IMF was also down by USD 10.1 million to USD 2.253 billion.

PTI