After 7-week uptrend; forex reserves dip $31.6 mn to $309 bn

After rising for seven straight weeks, foreign exchange reserves declined by USD 31.6 million to USD 309.413 billion in the week ended April 18 on account of fall in currency assets.
The total reserves had jumped by USD 2.79 billion to USD 309.44 billion in the previous week.
Foreign currency assets (FCAs), a major part of the overall reserves, fell USD 16.2 million to USD 281.536 billion for the period under review, RBI said today.
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 its reserves.

The gold reserves remained unchanged at USD 21.566 billion, as per the RBI data.
The special drawing rights dipped USD 10.9 million to USD 4.472 billion, and India's reserve position with the IMF dropped USD 4.5 million to USD 1.837 billion, the apex bank said.