Forex reserves dips $231 mn to $363.23 bn in week to June 10

Mumbai: After touching a record high last week, the country’s foreign exchange reserves declined by $231 million to $363.233 billion in the week ended 10 June, Reserve Bank said Friday. [caption id=“attachment_272998” align=“alignleft” width=“380”]  Reuters[/caption] In the previous week, the reserves had increased by $3.27 billion to hit an all-time high of $363.46 billion. The marginal decline in reserves was on account of fall in foreign currency assets (FCAs), a major component of the overall reserves. FCAs decreased by $243 million to $338.979 billion in the reporting week, RBI data showed. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the reserves. Gold reserves remained unchanged at $20.33 billion. The country’s special drawing rights with the International Monetary Fund increased by $9.8 million to $1.504 billion and the reserve position grew by $2.2 million to $2.421 billion, the central bank said.