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Forex reserves down $444 million to $375 billion

forex reserve

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

In the previous week, the reserves had touched a life-time high of $375.71 billion. Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $429.4 million to $351.10 billion in the reporting week, the RBI said.

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

Gold reserves remained stable at $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 $5.5 million to $1.454 billion.

The country's reserve position with the International Monetary Fund (IMF) too declined by $8.7 million to $2.280 billion, the RBI said.

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