Forex reserves slip by $1.59 billion to $294.99 billion

Forex reserves slip by $1.59 billion to $294.99 billion Mumbai: The foreign exchange reserves slipped by a hefty USD 1.59 billion to USD 294.99 billion on the back of heavy decline in gold reserves and the core currency assets, the Reserve Bank said on Friday.

The total reserves had gone up by USD 39.4 million to USD 296.58 billion in the previous reporting week.

Foreign currency assets, a major component of the forex reserves, were down by USD 951.7 million to USD 261.062 billion for the week ended January 4, the RBI said in its weekly statistical supplement.

After remaining unchanged for multiple weeks, gold reserves plummeted by USD 583.3 million to 27.22 billion, the apex bank said.

For the week under review, the special drawing rights (SDRs) were down by USD 34.7 million to USD 4.401 billion, while the country's reserve position with the IMF slipped by USD 18.2 million to USD 2.307 billion.

PTI