Forex reserves fall by $2.38 billion to $360.606 billion

India's foreign exchange reserves declined by $2.380 billion to $360.606 billion in the week to December 16 on account of fall in foreign currency assets, the Reserve Bank of India (RBI) said on Friday.

In the previous week, the reserves had declined by $887.2 million to $362.987 billion.

They had touched a life-time high of $371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, declined by $2.355 billion to $336.903 billion in the reporting week.

FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves remained steady at $19.982 billion in the reporting week, the RBI said.

The special drawing rights with the International Monetary Fund decreased by $9.9 million to $1.428 billion, while India's reserve position with the Fund dipped by $15.9 million to $2.291 billion, the apex bank said.