Forex Reserves Decline To $400.847 Billion Due To Ailing Rupee

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    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]
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