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India’s Forex Reserve Declines After Touching All-Time High
India's forex reserves decreased by $727 million to $429.649 billion for the week ended 26 July, following a decline in foreign currency assets, according to RBI (Reserve Bank of India) data released on Friday.
The country's forex kitty had increased by $1.579 billion to a new lifetime high of $430.376 billion in the previous week ended 19 July.
In the reporting week, foreign currency assets, which are a major component of the overall reserves, fell by $1.734 billion to $399.357 billion, the central bank said.
Expressed in dollar terms, foreign currency assets include the effect of fall or rise in value of non-dollar currencies like the euro, pound and yen held in the reserves.
Gold reserves surged by $1.025 billion to $25.330 billion, according to the central bank data.
Special drawing rights with the International Monetary Fund dipped $2.8 million to $1.444 billion. The country's reserve position with the fund also declined by $15.8 million to $3.534 billion, the apex bank said.
