India's forex reserves drop USD 2.5 bn to USD 293 bn

India's foreign exchange reserves declined by USD 2.599 billion to USD 293.11 billion in the week ended January 3 on account of a fall in foreign currency assets, RBI said today.
The reserves had risen by USD 204.9 million to USD 295.71 billion in the previous reporting week.
Foreign currency assets (FCAs), which form a major part of the overall reserves, dipped USD 1.681 billion to USD 266.953 billion in the week under review, the Reserve 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 reserves.

During the week under review, the gold reserves fell by USD 878.6 milion to USD 19.724 billion.
The special drawing rights fell by USD 27.8 million to USD 4.434 billion, while India's reserve position with the IMF declined USD 12.5 million to USD 1.997 billion.