For Quick Alerts
For Daily Alerts

Forex Reserves Decline To $400.847 Billion Due To Ailing Rupee


India's forex reserves have been declining for quiet some time now and for the reporting period to August 17 has again declined by $33.2 million to $400.847 billion primarily aided by the decline in foreign currency assets.

Forex Reserves Decline To $400.847 Billion Due To Ailing Rupee

The decline is largely triggered by RBI's proactive measures to stem further free-fall in the rupee which in the wake of Turkey crisis and US-China trade war threat has fallen past the 70 mark.

In Friday's session, rupee after opening at 70.21 for a dollar closed at 69.91.

In the week ended 17 August, foreign currency assets, a major component of the overall reserves, dipped by $60.2 million to $376.205 billion, as per data.

Expressed in the US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves rose by $36.1 million to $20.727 billion in the reporting week.

The special drawing rights with International Monetary Fund (IMF) dipped by $3.4 million to $1.463 billion.

The country's reserve position with the IMF also declined by $5.7 million to $2.452 billion, the apex bank said.

With PTI Inputs

Read more about: forex reserves rupee dollar
Story first published: Saturday, August 25, 2018, 10:26 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more