Millennium Post

Forex reserves fall by $446 mn to $428.6 bn

Forex reserves fall by $446 mn to $428.6 bn

Mumbai: The country's foreign exchange reserves fell by $446 million to $428.604 billion in the week to August 30, mainly on account of a drop in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves declined by a steep $1.45 billion to $429.050 billion. The reserves had touched a life-time high of $430.572 billion in August this year. In the week to August 30, foreign currency assets, a major component of overall reserves, declined by $1.124 billion to $396 billion, the Reserve Bank said. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves. During the week, gold reserves increased by $682 million to $27.55 billion, according to the data. The special drawing rights with the International Monetary Fund remained unchanged at $1.433 billion during the week.

PTI

PTI

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