Forex reserves dip by $1.61 billion, to $315.69 billion

The country's foreign exchange reserves dropped by US $1.615 billion to US $315.697 billion in the week to September 12 on account of a hefty fall in non-US currency assets, the Reserve Bank of India (RBI) said on Friday.

In the week to September 5, the reserves had dipped by US $1.327 billion to US $317.313 billion.

Foreign currency assets (FCAs), a major constituent of overall reserves, declined by US $1.599 billion to US $288.764 billion for the week under review, the data released by the central bank showed.

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.

Gold reserves remained unchanged at US $20.933 billion in the week under review.

The special drawing rights were down US $11.4 million to US $4.333 billion and India's reserve position with the International Monetary Fund (IMF) dipped by US $4.4 million to US $1.666 billion during the week, the data showed.