Forex reserves decline $755 mn to $301.84 bn

India’s foreign exchange reserves declined by $755 million to $301.84 billion on the back of a reduction in foreign currency assets (FCAs) for the week ended March 11. The reserves had surged $1.8 billion the week before to $302.59 billion. FCAs, the biggest component of the foreign reserves, declined by $705 million for the week ended March 11, the Reserve Bank of India (RBI) said in its weekly data released this evening.

FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves, it said.

The gold reserves were unchanged at $22.14 billion at the end of the reporting week, the central bank said.

Both the Special Drawing Rights (SDRs) and reserve position in the International Monetary Fund (IMF) also declined during the week, the RBI said.

The SDRs were at $5.169-billion, down $35 million from the week before while there was a $15 million reduction in India’s reserve position in the IMF which stood at $2.267 billion as of March 11, the RBI data said.

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