Mumbai: After weeks of robust gains, India's foreign exchange reserves declined by a whopping USD 2.268 billion to USD 312.656 billion in the week ended May 23, mainly on account of a massive drop in currency assets. In the previous week, the total reserves had risen by USD 1.093 billion to USD 314.92 billion.
Foreign currency assets (FCAs), a major constituent of the overall reserves, dropped by USD 2.255 billion to USD 285.560 billion in the period, Reserve Bank said in a statement here. 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 USD 20.965 billion, as per the RBI data. The special drawing rights declined by USD 9.8 million to USD 4.453 billion, and India's reserve position with the IMF dipped USD 3.7 million to USD 1.677 billion in the period under review, the apex bank said.
