Forex reserves slip $720 mn to $292.65 bn.

MUMBAI: After two consecutive weeks of increase, the country's foreign exchange reserves fell by USD 720.3 million to USD 292.65 billion on a slip in the core currency assets, the Reserve Bank said today.

The total reserves had risen by USD 1 billion to USD 293.37 billion in the previous reporting week. Foreign currency assets, a major component of the forex reserves, were down by USD 689.4 million to USD 259.73 billion for the week ended March 20, the Reserve Bank said.

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. The gold reserves remained unchanged at USD 26.292 billion, it said.

For the week under review, special drawing rights decreased USD 14.3 million to USD 4.327 billion, while the reserve position in the IMF slid by USD 16.6 million to USD 2.301 billion, the apex bank data showed.


Source : economictimes.indiatimes.com