India's forex reserves now below $400bn mark to $399.61bn

India's forex reserves dipped below the $400bn mark owing to a fall in foreign currency assets, as per an RBI report.

Oct 14, 2018 05:10 IST India Infoline News Service

In the previous week, the reserves had declined by $1.265bn to $400.12bn.

In the reporting week, foreign currency assets, a major component of the overall reserves, decreased by $ 1.011 billion to $ 375.231 billion, as per RBI data.

Forex reserves had touched a record high of $426.028bn in the week to April 13, 2018, but have been declining since then as the RBI sold dollars to stem rupee depreciation. Expressed in US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in the reserves.

The country's reserve position with the IMF also dipped by $ 7.2 million to $ 2.460 billion, the centrak bank said.

Meanwhile, Gold reserves rose by $107.3mn to $20.450bn in the reporting week.

Source: PTI

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