Forex reserves slip marginally by USD 70.8 million to USD 430.5 billion

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Published: August 23, 2019 7:20:49 PM

In the previous week ended August 9, the reserves had touched a new life-time high of USD 430.572 billion after it rose by USD 1.620 billion.

The country's reserve position with the Fund also decreased by USD 10.9 million to USD 3.625 billion.The country’s reserve position with the Fund also decreased by USD 10.9 million to USD 3.625 billion.

After touching a record high, the country’s foreign exchange reserves fell USD 70.8 million to USD 430.501 billion in the week to August 16, due to dip in foreign currency assets, according to the latest RBI data released on Friday.

In the previous week ended August 9, the reserves had touched a new life-time high of USD 430.572 billion after it rose by USD 1.620 billion.

In the week till August 16, foreign currency assets, a major component of the overall reserves, declined USD 412.4 million to USD 398.327 billion, the apex bank said on Friday.

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

During the week, the country’s gold reserves rose USD 355.9 million to USD 27.110 billion, according to the data.

Special drawing rights with the International Monetary Fund were down USD 3.4 million to USD 1.438 billion.

The country’s reserve position with the Fund also decreased by USD 10.9 million to USD 3.625 billion.

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