Millennium Post

Forex reserves drop by USD 502 mn

The foreign exchange reserves fell by USD 502.4 million to USD 293.97 billion due to fall in the currency assets, according to Reserve Bank data released on Friday.

The total reserves had risen USD 2.44 billion to USD 294.47 billion in the previous reporting week.

Foreign currency assets, a major component of the Forex reserves, were down by USD 485.6 million to USD 261.03 billion for the week ended 21 September, RBI's weekly statistical supplement showed. Foreign currency assets 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, the apex bank said.

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