Forex reserves down by $3.58 bn to $346.79 bn

Mumbai: Country's foreign exchange reserves declined by a whopping USD 3.58 billion to USD 346.79 billion in the week ended February 26, on account of fall in foreign currency assets (FCAs), according to Reserve Bank.

In the previous week, the reserves had fallen by USD 1.47 billion to USD 350.37 billion.

FCAs, a major component of overall reserves, decreased by USD 3.56 billion to USD 325.03 billion in the reporting period, RBI said in a release here today.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves remained unchanged at USD 17.70 billion in the week.

India's special drawing rights with the International Monetary Fund (IMF) dipped by USD 7.4 million to USD 1.48 billion in the week, while the country's reserve position with the Fund declined by USD 13 million to USD 2.59 billion, RBI said.