Forex reserves down by $1.4 billion to $392 billion due to fall in foreign currency assets

NEW DELHI: Continuing its decline, the country’s foreign exchange reserves slumped by $1.444 billion to $392.078 billion in the week to October 26 due to a fall in foreign currency assets, according to Reserve Bank of India (RBI) data.

In the previous week, the reserves had declined by $942 million to $393.523 billion.

In the reporting week, foreign currency assets, a major component of overall reserves, fell by USD 1.426 billion to $367.350 billion, as per the RBI data.

Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion.

Gold reserves remained unchanged for the second consecutive week at $20.522 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) was down by $7 million to $1.458 billion.

The country’s reserve position with the IMF also declined by $11.6 million to $2.447 billion, the apex bank said.

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