Forex reserves down $443.6 million to $375.27 billion

Mumbai: After touching a record high, the country's forex reserves declined marginally by USD 443.6 million to USD 375.27 billion in the week to May 12, due to fall in foreign currency assets, the Reserve Bank said.

In the previous week, the reserves had touched a life -time high of USD 375.71 billion.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by USD 429.4 million to USD 351.10 billion in the reporting week, the RBI said.

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

Gold reserves remained stable at USD 20.438 billion after rising for the first time in past few weeks in the previous week.

The special drawing rights with the International Monetary Fund decreased by USD 5.5 million to USD 1.454 billion.

The country's reserve position with the IMF too declined by USD 8.7 million to USD 2.280 billion, the RBI said.