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Forex reserves down by USD 942 million to USD 393.523 billion

Mumbai: The country’s foreign exchange reserves declined by USD 942 million to USD 393.523 billion in the week to October 19 on account of a fall in foreign currency assets, according to RBI data.

In the previous week, the reserves had seen a steep fall of USD 5.14 billion to reach USD 394.465 billion. In the reporting week, foreign currency assets, a major component of overall reserves, fell by USD 922.4 million to USD 369.076 billion, as per the RBI data.

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

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018.

Since then, the forex kitty has been on a slide and is now down by over USD 31 billion. Gold reserves remained unchanged at USD 20.522 billion in the reporting week, the data showed.

The special drawing rights with the International Monetary Fund (IMF) was down by USD 7.3 million to USD 1.465 billion.

The country’s reserve position with the IMF also declined by USD 12.3 million to USD 2.495 billion, the apex bank said.