After touching a record high, foreign exchange reserves declined by USD 387.5 million to USD 355.559 billion in the week to March 25, the Reserve Bank said on Friday.
In the week ended March 18, the country’s reserves had increased by USD 2.539 billion to USD 355.947 billion, a record high.
The decline in forex reserves was on account of fall in foreign currency assets (FCAs), a major component of overall reserves.
FCAs dropped by USD 358.1 million to USD 332.146 billion in the reporting week, RBI said in a release today.
FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at USD 19.325 billion in the week.
India’s special drawing rights with the International Monetary Fund (IMF) dipped by USD 10.7 million to USD 1.488 billion, while the country’s reserve position with the Fund was down by USD 18.7 million to USD 2.599 billion, RBI said.