Forex reserves fall from record highs

After rising for three consecutive weeks, the country's foreign exchange reserves declined by $2.592 billion to $340.412 billion in the week to April 10 as foreign currency assets declined, the Reserve Bank said.

In the previous reporting week, the forex reserves had increased by $1.627 billion to $343.005 billion, which was a lifetime high.

Foreign currency assets (FCAs), a major part of the overall reserves, dropped by $.510 billion to $316.131 billion during the week, the RBI data showed.

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

The country's gold reserves remained stable at USD 19.038 billion for the reporting week.

The special drawing rights with the International Monetary Fund fell by $61.9 million to $3.959 billion, while the country's reserve position with the Fund also declined by $20 million to $1.283 billion, the apex bank said.