Forex reserves dip by $1.4 billion to $351.11 billion

After rising for two consecutive weeks, country's foreign exchange reserves fell by $1.4 billion to $351.106 billion in the week to December 18 on account of fall in foreign currency assets (FCAs), according to an RBI data.

In the previous week, reserves had increased by $407.9 million to $352.51 billion. FCAs, a major component of overall reserves, declined by $1.368 billion to $328.27 billion in the reported period, RBI said in a release here on Friday. FCAs, 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. The gold reserves remained unchanged at $17.54 billion. India's special drawing rights with the IMF fell by $24.3 million to $3.997 billion in the week.