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Total foreign exchange reserves declined by $580.3 million to $295.67 billion during the week ended January 18 on the back of lower foreign currency assets (FCAs), according to the Reserve Bank of India.
In the previous reporting week, the total reserves had increased by $1.26 billion to $296.25 billion. During the week under review, FCAs, a major component of the forex reserves, were down by $646.8 million to $261.63 billion for the week ended January 18, the RBI said in its ‘Weekly Statistical Supplement’.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation/depreciation of other currencies held in its reserves, the RBI said.
Gold reserves remained unchanged at $27.22 billion. The special drawing rights rose by $2.3 million to $4.435 billion, while the country’s reserve position with the IMF was up by $64.2 million to $2.388 billion.
Since end-March 2012, the forex reserves had increased by $1.274 billion, the apex bank’s data said.
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