The country’s foreign exchange reserves declined $471.3 million to $294.509 billion for the week ending November 30, the Reserve Bank of India said.
In the previous reporting week ending November 23, the forex reserves rose $1.45 billion to $294.98 billion, amid increase in foreign currency assets.
Forex reserves constitute of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the reserve position in the IMF. A major component of the forex reserves, FCAs are expressed in US dollar terms and include the effect of appreciation/depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
For the week under review, FCAs, dipped $125.7 million to $260.012 billion during the week, the RBI said in its weekly statistical supplement. Gold reserves during the week declined $386.2 million to $ 27.803 billion.
However, the special drawing rights (SDRs) were up $26.9 million to $4.429 billion while the country's reserve position with the IMF was up $13.7 million to $2,264 billion, the RBI said.
Since March, total reserves increased $997.2 billion.