Forex reserves dip to $351 b

India’s foreign exchange reserves dipped by a whopping $1.902 billion to $351.734 billion in the week ended November 6. In the preceding week, the reserves soared by $ 2.09 billion. In the reporting week, the decline in reserves was mainly on account of the foreign currency assets shrinking by $2.405 billion. Special drawing rights and reserve position in the IMF too were down $27.5 million and $8.9 million, respectively. Gold reserves, however, were up $540 million.