Forex reserves drop by Rs.121.2 mn to RS.393.01 bn

The overall reserves had increased by $1.054 billion to $393.132 billion in the previous reporting week, after weeks of decline.

For the week ended November 9, foreign currency assets, a major part of the overall reserves, declined $103.2 million to $368.035 billion, the Reserve Bank said.

Expressed in US dollars, foreign currency assets include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

The gold reserves were stable at $20.888 billion after a sharp rise last week, according to the latest RBI data.

The country’s reserve position with the International Monetary Fund declined $11.6 million to $2.628 billion. The special drawing rights with the Fund slipped $6.4 million to $1.459 billion.

The forex kitty had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by over $31 billion as the monetary authority has been selling dollars to contain rupee volatility.