Forex reserves dip by $290 mn

Mumbai: After touching a record high, the country’s foreign exchange reserves declined by $290 million to $580.841 billion in the week ended December 25, RBI data showed. In the previous week to December 18, the reserves had surged by $2.563 billion to a lifetime high of $581.131 billion.

In the reporting week, the drop in reserves was on account of a fall in foreign currency assets (FCA), a major component of the overall reserves. FCA slipped by $253 million to $537.474 billion, the Reserve Bank of India’s (RBI) weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves decreased by $308 million to $36.711 billion in the week ended December 25, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.51 billion.The country’s reserve position with the IMF rose by $276 million to $5.145 billion.