Forex reserves continue to fall; down $734.5 mn to $405.07 bn

MUMBAI: The country's foreign exchange reserves declined $734.5 million to $405.075 billion for the week ended July 13, Reserve Bank data showed today.

The forex kitty had declined $248.20 million to $405.81 billion in the previous reporting week. The reserves had touched a record high of $426.028 billion in the week to April 13, 2018.

In the week under review, foreign currency assets, a major component of the overall reserves, declined $789.1 million to $380 billion, the RBI data showed.

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

Gold reserves increased by $75.4 million to $21.115 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) decreased by $7.8 million to $1.481 billion, while India's reserve position with the IMF also declined by $13 million to $2.476 billion.