After rising for two consecutive weeks, the country’s foreign exchange reserves decreased marginally by USD 152.4 million to USD 421.334 billion in the week to March 16, on account of a fall in foreign currency assets, Reserve Bank said today. In the previous week, the reserves had increased by USD 728.9 million to USD 421.487 billion. The reserves had touched a life-time high of USD 421.914 billion on February 9, FY18.
It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017 but has since been fluctuating. In the reporting week, foreign currency assets, a major component of the overall reserves, declined by USD 175.2 million to USD 396.156 billion.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves. Gold reserves increased by USD 13.2 million to USD 21.562 billion, the central bank said.
The special drawing rights with the International Monetary Fund rose by USD 4.1 million to USD 1.538 billion. The country’s reserve position with the Fund also increased by USD 5.5 million to USD 2.077 billion, RBI said