Money & Banking

Forex reserves slip below $430-bn-mark, down by $1.45 bn

PTI Mumbai | Updated on August 31, 2019

File photo   -  Reuters

After scaling new highs for weeks, the foreign exchange reserves fell by a steep USD 1.45 billion to USD 429.050 billion in the week to August 23 due to a fall in foreign currency assets, according to the latest weekly data released by the RBI on Friday.

In the previous week, the reserves had marginally slipped by USD 70.8 million to USD 430.501 billion, but still remained above the USD 430 billion-mark. The reserves had touched a life-time high of USD 430.572 billion in the week to August 9.

In the week to August 23, foreign currency assets, a major component of overall reserves, declined by USD 1.198 billion to USD 397.128 billion, the central bank said.

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

During the week, the gold reserves fell by USD 243.2 million to USD 26.867 billion, despite a massive rally in the prices of the yellow metal, according to the data.

The special drawing rights with the International Monetary Fund were down USD 4.5 million to USD 1.433 billion. The country’s reserve position with the Fund also decreased by USD 4.2 million to USD 3.621 billion.

Published on August 30, 2019

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