Forex

Forex reserves slip marginally to $430.5 billion

PTI Mumbai | Updated on August 26, 2019 Published on August 23, 2019

File photo   -  Reuters

After touching a record high, the country’s foreign exchange reserves fell $70.8 million to $430.501 billion in the week to August 16, due to dip in foreign currency assets, according to the latest RBI data released on Friday.

In the previous week ended August 9, the reserves had touched a new life-time high of $430.572 billion after it rose by $1.620 billion.

In the week till August 16, foreign currency assets, a major component of the overall reserves, declined $412.4 million to $398.327 billion, the apex bank said on Friday.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

During the week, the country’s gold reserves rose $355.9 million to $27.110 billion, according to the data.

Special drawing rights with the International Monetary Fund were down $3.4 million to $1.438 billion.

The country’s reserve position with the Fund also decreased by $10.9 million to $3.625 billion.

Published on August 23, 2019
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