Forex reserves decline by $3.03 billion to $410.07 billion

India’s foreign exchange reserves declined by USD 3.039 billion to USD 410.070 billion in the week to June 15, due to fall in foreign currency assets, Reserve Bank data showed. In the previous week, the reserves have risen by USD 879.5 million to USD 413.109 billion.

The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.

In the reporting week, the foreign currency assets, a major component of the overall reserves, dipped by USD 3.058 billion to USD 385.333 billion.

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

Gold reserves rose marginally by USD 38.9 million to USD 21.228 billion in the reporting week, the data showed.

The special drawing rights with the International Monetary Fund (IMF) dropped by USD 8.7 million to USD 1.491 billion.

The country’s reserve position with the IMF also declined by USD 11.7 million to USD 2.017 billion, the apex bank said.

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