Forex reserves plunge $360.9 mn to $362.78 bn: RBI

Mumbai: The Reserve Bank on Friday affirmed that India’s foreign exchange reserves witnessed plunge by USD 360.9 million to USD 362.785 billion in the week to February 10 due to sharp fall in foreign currency assets (FCAs).

In the previous week, the reserves had increased by USD 1.588 billion to USD 363.146 billion. A major component of the overall reserves, FCAs declined by USD 347.1 million to USD 339.778 billion in the reporting week, RBI said.

Expressed in US dollar terms, they 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 unchanged in the week at USD 19.248 million, the apex bank said. The special drawing rights with the International Monetary Fund fell by USD 5.3 million to USD 1.442 billion; India’s reserve position with the Fund, too, declined by USD 8.5 million to USD 2.315 billion, RBI said.