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Forex reserves fall by $485 mn to $294.76 bn

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Forex reserves fall by $485 mn to $294.76 bn
The country's foreign exchange reserves were down by USD 485.9 million to USD 294.76 billion for the week ending April 19, in the wake of fall in core currency assets, the Reserve Bank said today.

The forex reserves had gone up by USD 1.4 billion to USD 295.25 billion in the previous reporting week. Foreign currency assets, a major component of the forex reserves, were down by USD 489.2 million to USD 262.41 billion, according to Reserve Bank's weekly statistical supplement. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said. The gold reserves remained unchanged at USD 25.69 billion during the week.

For the week under review, the special drawing rights (SDRs) were up by USD 2 million to USD 4.347 billion, while the country's reserve position with the IMF was also up USD 1.3 million to USD 2.311 billion, the apex bank data showed. PTI

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