India's foreign exchange reserves plunged by USD 1.60 billion, to USD 291.92 billion, because of sharp fall in core currency assets for the week ended February 22, the Reserve Bank said today.
The total foreign exchange reserves had declined by USD 1.024 billion to USD 293.519 billion in the previous week.
Foreign currency assets, a major component of the forex reserves, were down by USD 1.56 billion to USD 258.23 billion for the week ended February 22, Reserve Bank's weekly statistical supplement said today.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen held in the reserves, the apex bank said.
The gold reserves remained unchanged at USD 26.975 billion during the week, the apex bank said.
For the week under review, the special drawing rights (SDRs) were down by USD 29.9 million to USD 4.376 billion. The country's reserve position with the IMF was also down by USD 16 million to USD 2.336 billion.
