Forex reserves down $956.4 million to $368.998 billion

Mumbai: India's foreign exchange reserves declined by $956.4 million to $368.998 billion for the week ended April 7 due to fall in foreign currency assets, the Reserve Bank said.

The reserves had increased by $2.022 billion to $369.954 billion in the previous reporting week.

They had touched a life-time high of $371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $951 million to $ 345.367 billion in the reporting week, 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 unchanged at $ 19.869 billion, the apex bank said.

The special drawing rights with the International Monetary Fund was down by $3.1 million to $1.443 billion. India's reserve position with the Fund, too, decreased by $2.3 million to $2.318 billion, RBI said.