Forex reserves decline by $935.2 million to $359.671 billion

Mumbai: India's foreign exchange reserves declined by USD 935.2 million to USD 359.671 billion in the week to December 23 on account of fall in foreign currency assets, the Reserve Bank said on Friday.

In the previous week, the reserves had fallen by USD 2.380 billion to USD 360.606 billion.

They had touched a life-time high of USD 371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by USD 933.2 million to USD 335.970 billion in the reporting week.

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

Gold reserves remained steady at USD 19.982 billion in the reporting week, the RBI said.

The special drawing rights with the International Monetary Fund decreased by USD 0.9 million to USD 1.427 billion, while India's reserve position with the Fund too declined by USD 1.1 million to USD 2.290 billion, the data showed.