Forex reserves fall to $287.85 billion as on June 21: RBI

MUMBAI: After two consecutive weeks of additions, the foreign exchange reserves dipped sharply by USD 2.82 billion to USD 287.85 billion due to a fall in currency assets, the Reserve Bank said on Friday.

The total reserves had gone up by USD 982 million in the previous reporting week. Foreign currency assets, a major component of forex reserves, were down by USD 2.66 billion to USD 258.43 billion for the week ended June 21, the Reserve Bank data showed.

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 were unchanged at USD 22.836 billion, the apex bank said.

For the week under review, the special drawing rights (SDRs) were down by USD 28.3 million to USD 4.372 billion, while the country's reserve position with the IMF declined by a whopping USD 128.4 million to USD 2.204 billion, the apex bank data showed.