Forex reserve dips by $248.20 million to $405.81 billion

Mumbai: The country's foreign exchange reserves declined by $248.20 million to $405.81 billion in the week to July 6, despite a rise in the foreign currency assets, RBI data showed.

In the previous week, the forex reserves had declined by $1.76 billion to $406.06 billion.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating.

In the week under review, foreign currency assets, a major component of the overall reserves, rose marginally by $73.9 million to $380.792 billion, the RBI data showed.

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

Gold reserves dropped by $329.9 million to $21.039 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) increased by $2.9 million to $1.489 billion.

The country's reserve position with the IMF also rose by $4.9 million to $2.489 billion, the apex bank said.

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