India's forex reserves down at $309 billion as of April 18

Business

oi-Staff

By Super

Published: Saturday, April 26, 2014, 10:09 [IST]

After rising for seven straight weeks, India's foreign exchange reserves declined by $31.6 million to $309.413 billion in the week ended April 18 on account of a fall in currency assets.

Total reserves had jumped by $2.79 billion to $309.44 billion in the previous week. Foreign currency assets (FCAs), a major part of the overall reserves, fell by $16.2 million to $281.536 billion for the period under review, the Reserve Bank of India (RBI) said on Friday.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.Gold reserves remained unchanged at $21.566 billion, as per the RBI data.

Special drawing rights dipped by $10.9 million to $4.472 billion, and India's reserve position with the IMF dropped $4.5 million to $1.837 billion, the apex bank said.

PTI