Forex reserves down by $1.4 bn at $351.11 bn

Mumbai: After rising for two consecutive weeks, country's foreign exchange reserves fell by USD 1.4 billion to USD 351.106 billion in the week to December 18 on account of fall in foreign currency assets (FCAs), according to an RBI data.

In the previous week, reserves had increased by USD 407.9 million to USD 352.51 billion. FCAs, a major component of overall reserves, declined by USD 1.368 billion to USD 328.27 billion in the reported period, RBI said in a release here today.

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 17.54 billion.

India's special drawing rights with the International Monetary Fund fell by USD 24.3 million to USD 3.997 billion in the week, while country's reserve position with the Fund decreased by USD 7.8 million to USD 1.295 billion, the apex bank said.