India's forex reserves fall to $393.01 bln as of Nov 9
Friday,
16-Nov-2018
05:04 PM (IST)
The country's foreign exchange reserves declined by $121.2 million to $393.01 billion for the week ended November 9, largely on a dip in currency assets, RBI data showed on November 16.The overall reserves had increased by $1.054 billion to $393.132 billion in the previous reporting week, after weeks of decline.For the week ended November 9, foreign currency assets, a major part of the overall reserves, declined $103.2 million to $368.035 billion, the Reserve Bank said.Expressed in US dollars, foreign currency assets include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the reserves.The gold reserves were stable at $20.888 billion after a sharp rise last week, according to the latest RBI data.The country's reserve position with the International Monetary Fund declined $11.6 million to $2.628 billion. The special drawing rights with the Fund slipped $6.4 million to $1.459 billion.The forex kitty had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by over $31 billion as the monetary authority has been selling dollars to contain rupee volatility.
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