Forex Reserve of India plunges by $ 2 bn to $ 312.6 bn under Modi Govt

Mumbai, 31 May-2014, IANS: After weeks of robust gains, foreign exchange reserves declined by a whopping $2.268 billion to $312.656 billion in the week ended May 23, mainly on account of a massive drop in currency assets.

Forex Reserve of India plunges by $ 2 bn to $ 312.6 bn under Modi Govt

Forex Reserve of India plunges by $ 2 bn to $ 312.6 bn

In the previous week, the total reserves had risen by $1.093 billion to $314.92 billion.

Foreign currency assets (FCAs), a major constituent of the overall reserves, dropped by $2.255 billion to $285.560 billion in the period, Reserve Bank said in a statement.

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

The gold reserves remained unchanged at $20.965 billion, as per the RBI data.

The special drawing rights declined by $9.8 million to $4.453 billion, and India’s reserve position with the IMF dipped $3.7 million to $1.677 billion in the period under review, the apex bank said.