India's forex reserves dip by $ 360.9 million to $ 362.786 billion
Mumbai, February 17, 2017
Reversing a four-week uptrend, India's foreign exchange reserves dipped by $ 360.9 million to $ 362.786 billion in the week ended February 10, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had soared by $ 1.589 billion to $ 363.147 billion in the previous week.
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 347.1 million to $ 339.779 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves remained unchanged at $ 19.248 billion during the week, while its special drawing rights (SDRs) went down $ 5.3 million to $ 1.442 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 8.5 million to $ 2.316 billion during the week, the bulletin added.