Forex reserves drop USD 573.5 million to USD 319.9 billion

Mumbai: After rising for eight consecutive weeks, India's foreign exchange reserves declined by USD 573.5 million to USD 319.99 billion in the week to August 1 on the back of a major drop in foreign currency assets. In the previous week, the reserves had surged USD 2.714 billion to USD 320.564 billion. Foreign currency assets (FCAs), a major constituent of the overall reserves, dipped USD 1.09 billion to USD 292.69 billion for the week ended August 1, the Reserve Bank said in its weekly statement here today. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves.

After remaining steady for many weeks, the gold reserves rose USD 538.9 million to USD 21.173 billion in the reporting week. The special drawing rights were down USD 15.5 million to USD 4.422 billion, and India's reserve position with the IMF dipped USD 5.9 million to USD 1.701 billion during the week, the apex bank added.