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India's foreign exchange (forex) reserves declined by USD 1.425 billion to USD 631.527 billion in the week ended February 25 due to a sharp drop in foreign currency assets, the Reserve Bank of India (RBI) data showed on Friday.
The foreign currency assets, which is the biggest component of the forex reserves, dipped by USD 2.228 billion to USD 564.832 billion during the week under review, according to the RBI's weekly statistical supplement. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves. The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by USD 122 million to USD 19.04 billion. India's reserve position in the IMF dropped by USD 34 million to $5.187 billion. However, the value of gold reserves rose by USD 958 million to USD 42.467 billion during the week under review, the RBI data showed. (ANI)
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