Forex reserves drop USD 1.17 bn to USD 291 bn

India's foreign exchange reserves fell by USD 1.168 billion to USD 291.07 billion in the week ended January 31 on the back of decline in the core component of the reserves, Reserve Bank said today.
The reserves had risen by USD 157.3 million to USD 292.239 billion in the previous reporting week.
Foreign currency assets (FCAs), a major part of the overall reserves, dip by USD 1.482 billion to USD 264.569 billion in the week under review, the apex bank said.
FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in its reserves.

During the week under review, the gold reserves rose by USD 351.2 million to USD 20.075 billion.
The Special Drawing Rights fell by USD 25.6 million to USD 4.430 billion, while India's reserve position with the IMF declined by USD 11.5 million to USD 1.995 billion, the RBI said.