In a sudden reversal of trend the country's forex reserves dipped by a huge $4.34 billion to $4.343 billion to $367.646 billion in the week to 7 October, the Reserve Bank said on Friday.
The decline was on account of a substantial fall in foreign currency assets (FCAs), a major component of the overall reserves.
FCAs, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves. Gold reserves remained steady at $21.406 billion, the apex bank said.
Meanwhile, the rupee ended steady in trade for the week, despite a decline in forex reserves. The currency ended the week at 66.71 to the dollar and has been showing remarkable resilience. Check and convert currency rates here