Forex reserves decline by $810 million for week ended Aug 22

The foreign exchange reserves fell by $810.7 million to $318.57 billion due to a decline in the currency assets for the week ended Aug 22, Reserve Bank of India (RBI) data showed.

The reserves declined by $643.3 million to $319.34 billion for the week ended Aug 8.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined by $783 million to $291.31 billion for the week under review.

The foreign currency assets had plunged $646.7 million to $292.04 billion for the previous week.

The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

Country's reserve position with the International Monetary Fund (IMF) slipped by $7.9 million to $1.69 billion.

The value of special drawing rights (SDRs) was down by $19.8 million at $4.39 billion.

However, the value of gold reserves remained static at $21.17 billion. The bullion had increased by $538.9 million at $21.17 billion in the previous week.