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Rediff.com  » Business » India's forex reserves fall sharply to $351.92 bn

India's forex reserves fall sharply to $351.92 bn

September 04, 2015 18:07 IST

After rising for two consecutive weeks, country's foreign exchange reserves declined sharply by $3.433 billion to $351.920 billion in the week to August 28, due to fall in foreign currency assets.

In the previous reporting week, the reserves had increased by $920.6 million to $355.353 billion, close to an all-time high of $355.46 billion, touched in the week to June 19.

Foreign currency assets (FCAs), a major component of overall reserves, were down by $3.424 billion to $328.306 billion in the reporting week, according to the latest Reserve Bank data.

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

The gold reserves stood unchanged at $18.250 billion. India's special drawing rights with the International Monetary Fund fell by $7.1 million to touch $4.067 billion in the week under review, while the nation's reserve position with the Fund declined by $ 2.3 million to $ 1.295 billion, the apex bank said. 

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