Continuing its declining trend, the foreign exchange reserves declined by $ 2.889 billion to $349.037 billion in the week through September 4 due to the continuing fall in foreign currency assets.
In the previous reporting week, the reserves had fallen sharply by $3.433 billion to $351.920 billion. In the last two reporting weeks, the reserves had come down by a whopping $6.322 billion.
Reserves had touched an all-time high of $355.46 billion in the week to June 19. Foreign currency assets, which are a major component of the overall reserves, were down by $2.650 billion to $325.656 billion in the week, as per latest Reserve Bank data.
Foreign currency assets, 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. After remaining unchanged for many weeks, the gold reserves slightly declined by $214.8 million to $18.035 billion.
The country's special drawing rights with the International Monetary Fund fell by $18.6 million to touch $4.049 billion in the week under review.