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After rising for past many weeks, India’s foreign exchange reserves have dipped steeply by $2.320 billion to $351.557 billion due to a sharp fall in the core currency assets for the week ending May 22, as per the RBI.
In the previous reporting week ending May 15, the forex reserves had surged by $1.745 billion to touch a record high of $353.876 billion.
During the week under review ending May 22, the foreign currency assets, a major component of the overall reserves, were down $2.285 billion to $326.839 billion for the week to May 22, RBI's weekly data release said.
The gold reserves remained stable at $19.335 billion.
The special drawing rights with the International Monetary Fund were down by $26.1 million to $4.064 billion, while the country's reserve position with the fund also dipped by $8.5 million to $1.317 billion.
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