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Foreign exchange reserves declined by $752 million in the week ended February 11 to $298.66 billion, according to the Reserve Bank of India's weekly statistical supplement. In the previous week, the reserves had moved up by a modest $243 million.
In the reporting week, the fall in reserves is mainly on account of the $707 million decline in foreign currency assets. These assets include the effect of appreciation/ depreciation of non-US currencies (such as euro, sterling, and yen) held in the reserves.
During the period under review, foreign institutional investors were net sellers for $468 million in the equity and debt markets and the rupee depreciated by about 20 paise to the dollar to 45.68 (close on February 11) compared with Rs 45.48 (on February 7).
While gold reserves remained unchanged at $21.924 billion, special drawing rights (SDRs) and reserve position in the IMF declined by 31 million and 14 million, respectively. SDRs and the reserve position in the IMF stood at $5.124 billion and $2.247 billion, respectively.
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