Forex reserves fall by US $672.4 million on decline in core currency assets

The country's foreign exchange reserves dipped by US $672.4 million to US $314.878 billion due to a decline in core currency assets, the Reserve Bank of India (RBI) said in Mumbai on Friday.

Total forex reserves were up by US $419.4 million to US $315.55 billion during the previous reporting week.

Foreign currency assets, a major constituent of overall reserves, decreased by US $664.3 million to US $289.398 billion for the week ended November 21, the central bank said.

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

Domestic gold reserves remained unchanged at US $19.738 billion for the reporting week, RBI said.

The special drawing rights (SDRs) were down by US $5.9 million to US $4.223 billion, while the country's reserve position with the International Monetary Fund (IMF) declined by US $2.2 million to US $1.518 billion during the week, the data released by RBI showed.