Forex reserves continue to fall; down $734.5 million to $405.07 billion

The country's foreign exchange reserves declined $ 734.5 million to $ 405.075 billion for the week ended July 13, Reserve Bank data showed on Friday.

The forex kitty had declined $ 248.20 million to $ 405.81 billion in the previous reporting week. The reserves had touched a record high of $ 426.028 billion in the week to April 13, 2018.

In the week under review, foreign currency assets, a major component of the overall reserves, declined $ 789.1 million to $ 380 billion, the RBI data showed.

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

Gold reserves increased by $ 75.4 million to $ 21.115 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) decreased by $ 7.8 million to $ 1.481 billion, while India's reserve position with the IMF also declined by $ 13 million to $ 2.476 billion.