Forex reserves down $1.72 billion to $347.20 billion

Mumbai: Continuing their downtrend, India's foreign exchange reserves declined by a whopping USD 1.726 billion to USD 347.207 billion in the week to January 15 on account of fall in foreign currency assets (FCAs), according to the Reserve Bank.

In the previous week, the reserves had dropped by USD 1.434 billion to USD 348.934 billion.

FCAs, a major component of overall reserves, declined by USD 1.723 billion to USD 324.674 billion in the reporting period, the RBI said in a release.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.

The gold reserves remained unchanged at USD 17.240 billion in the period.

India's special drawing rights with the International Monetary Fund (IMF) fell by USD 2.4 million to USD 3.997 billion in the week, while country's reserve position with the Fund decreased by USD 0.7 million to USD 1.295 billion, the apex bank stated.