Forex reserves decline by $2.05 billion to $417.99 billion

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Published: May 24, 2019 9:11:33 PM

In the reporting week, foreign currency assets, which are a major component of the overall reserves, decreased by USD 2.030 billion to USD 390.197 billion.

Forex reserves, Forex, economy news, RBI, foreign currency, Monetary Fund, Gold reserves, Forex exchangeThe forex reserves had touched a life-time high of USD 426.028 billion in the week to April 13, 2018. (Reuters)

After rising for the past few weeks, the country’s foreign exchange reserves declined USD 2.057 billion to USD 417.998 billion in the week to May 17 on account of a fall in foreign currency assets, RBI data showed Friday. In the previous week, the reserves had risen by USD 1.368 billion to reach USD 420.055 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, decreased by USD 2.030 billion to USD 390.197 billion. Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at USD 23.021 billion, according to the data. The special drawing rights with the International Monetary Fund fell by USD 9.8 million to USD 1.444 billion. The country’s reserve position with the Fund also declined by USD 16.9 million to USD 3.334 billion.

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