India's forex reserves fall by $2.38 billion to $360.606 billion

Mumbai: India's foreign exchange reserves declined by USD 2.380 billion to USD 360.606 billion in the week to December 16 on account of fall in foreign currency assets, the Reserve Bank said Friday.

In the previous week, the reserves had declined by USD 887.2 million to USD 362.987 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, declined by USD 2.355 billion to USD 336.903 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 9.9 million to USD 1.428 billion, while India's reserve position with the Fund dipped by USD 15.9 million to USD 2.291 billion, the apex bank said.