Forex reserves decline by $2.05 bn to $417.99 bn

After rising for the past few weeks, the country's foreign exchange reserves declined $2.057 billion to $417.998 billion in the week to May 17 on account of a fall in foreign currency assets, RBI data showed May 24.

In the previous week, the reserves had risen by $1.368 billion to reach $420.055 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, decreased by $2.030 billion to $390.197 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at $23.021 billion, according to the data.

The special drawing rights with the International Monetary Fund fell by $9.8 million to $1.444 billion.