Country’s foreign exchange reserves declined by $1.228 billion to $361.943 billion in the week to July 8 due to a fall in foreign currency assets, the Reserve Bank said on Friday. last week, the reserves had surged by $2.374 billion to $363.171 billion.
Foreign currency assets (FCAs), a major component of the overall reserves, declined by $1.218 billion to $337.493 billion in the reporting week, RBI data showed. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.
Gold reserves remained unchanged at $20.576 billion. The country's special drawing rights with the IMF were down by $ 3.6 million to $1.484 billion and the reserve position dipped by $5.9 million to $2.389 billion, the central bank said.