Forex Reserves Drop $1.54 Billion To $365 Billion

Mumbai: India's foreign exchange reserves declined by $1.542 billion to $365.499 billion in the week to November 18 due to decrease in foreign currency assets, Reserve Bank said on Friday.

In the previous week, the reserves had dipped by $1.190 billion to $367.041 billion. They had touched a life-time high of $371.99 billion in the week to September 30, this year.

Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $1.495 billion to $341.276 billion.

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

Gold reserves remained steady at $20.460 billion, the apex bank said.

The special drawing rights with the International Monetary Fund declined by $17.9 million to $1.444 billion, while India's reserve position with the Fund dipped by $28.5 million to $2.317 billion, RBI said.

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