Finance

Forex reserves off record high, slump $4 billion to $367.64 billion

Gold reserves remained steady at $21.406 billion, the apex bank said. Photo: Reuters

Gold reserves remained steady at $21.406 billion, the apex bank said. Photo: Reuters

Mumbai: After touching a record high, the country’s foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion in the week to 7 October, the Reserve Bank said on Friday.

The decline was on account of a substantial fall in foreign currency assets (FCAs), a major component of the overall reserves.

In the previous week ended 30 September, the reserves had surged $1.223 billion to reach a life-time high of $371.99 billion. In the reporting week, foreign currency reserves dipped by $4.316 billion to $342.394 billion.

FCAs, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves. Gold reserves remained steady at $21.406 billion, the apex bank said.

The special drawing rights with the International Monetary Fund declined by$b 10.4 million to $1.476 billion, while India’s reserve position with the Fund dipped by $16.5 million to $2.369 billion, the apex bank said.

[“Source-Livemint”]

About the author

sristy

Powered by themekiller.com anime4online.com animextoon.com