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Forex reserves plunge by $3 bn to $277.16 bn

By Super

Forex reserves plunge by $3 bn to $277.16 bn
The country's foreign exchange reserves dived by a hefty USD 2.995 billion to USD 277.167 billion, the Reserve Bank today said.

The total reserves had increased USD 960.2 million to USD 280.162 billion last week. Foreign currency assets, a major component of the forex reserves, dropped USD 2.155 billion to USD 249.895 billion for the week ended August 2, the Reserve Bank said. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as euro, pound and yen, held in the reserves. During the week, the gold reserves dropped USD 808.5 million at USD 20.747 billion, the RBI said.

For the week under review, the special drawing rights (SDRs) were down by USD 21.4 million to USD 4.352 billion, while the country's reserve position with the IMF also fell by USD 10.7 million to USD 2.171 billion, the RBI data showed.


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