Forex reserves decline to USD 314.6 billion

India's foreign exchange reserves have dropped by a massive USD 1.649 billion to USD 314.661 billion in the week to December 5, led by a fall in foreign currency assets.
In the previous week, the reserves had surged by USD 1.432 billion to USD 316.311 billion, RBI data showed today.
The foreign currency assets (FCAs), a major constituent of overall reserves, declined by USD 867.4 million to USD 289.954 billion.
FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in reserves.
The country's gold reserves, too, dropped by USD 753.2 million to USD 18.985 billion.

Special Drawing Rights (SDRs) decreased by USD 21.6 million to USD 4.208 billion, while the country's reserve position with the IMF dipped by USD 7.7 million to USD 1.513 billion during the week under review, the data showed.