Forex reserves dip by $2.6 b

After rising three weeks on the trot, India’s foreign exchange reserves dipped $2.59 billion in the week ended April 10 to $340.41 billion. The decline was mainly on account of foreign currency assets (FCA) coming down by $2.51 billion. Movements in FCA reflect purchases and sales of foreign exchange by the RBI in the foreign exchange market, income arising out of the deployment of the reserves, external aid receipts of the Centre and the effects of revaluation of the assets. In the calendar year so far, India’s reserves jumped by $30.968 billion.