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Saturday, 31 December 2016

Forex reserves decline by USD 935.2 million to USD 359.671 billion

The Reserve Bank of India (RBI) said on Friday, that  India's foreign exchange (FOREX) reserves declined by USD 935.2 million to USD 359.671 billion in the week to December 23 owing to fall in foreign currency assets.  In the preceding week, Forex reserves  had fallen by USD 2.380 billion to USD 360.606 billion by touching a life-time high of USD 371.99 billion in the week to September 30, 2016. It further added that the Gold reserves remained steady at USD 19.982 billion in the reporting week.
Foreign currency assets (FCAs)  dipped by USD 933.2 million to USD 335.970 billion in the reporting week.  FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.
The data indicated that the special drawing rights with the IMF  decreased by USD 0.9 million to USD 1.427 billion, while India's reserve position with the Fund also declined by USD 1.1 million to USD 2.290 billion.
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