Forex reserves down by $ 595 mn to $ 295 billiion

MUMBAI: The country's foreign exchange reserves declined by $ 595.2 million to $ 295.15 billion in the week ended February 1 due to a reduction in the core currency and gold assets, the Reserve Bank said today.

The reserves were up $ 77.6 million to $ 295.75 billion in the previous reporting week.

The foreign currency assets (FCAs), a major component of the reserves, were down by $ 385.5 million to $ 261.323 billion in the week under review, according to RBI's weekly statistical supplement.

FCAs, expressed in 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.

After remaining unchanged for weeks, gold reserves were down by $ 244.9 million to $ 26.975 billion during the week, the apex bank said.

The special drawing rights (SDRs) were up by $ 22.9 million to $ 4.457 billion, while India's reserve position with the IMF was also up by $ 12.3 million to $ 2.399 billion, the RBI data showed.