Forex reserves decline USD 1.783 bn to USD 635.905 bn

India's foreign exchange reserves declined for the second consecutive week, RBI data showed. Gold reserves were down and the reserve position with the IMF increased.

Mumbai: India's foreign exchange reserves declined for the second consecutive week, ending USD 1.783 billion down at USD 635.905 billion for the week ended December 3, RBI data showed on Friday. In the previous week, the reserves had slid by USD 2.713 million to USD 637.687 billion.

In the reporting week ended December 3, the dip in the forex kitty was mainly on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.

The FCA dropped by USD 1.483 billion to USD 573.181 billion in the reporting week, the data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were down by USD 407 million to USD 38.418 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were up by USD 90 million to USD 19.126 billion.

The country's reserve position with the IMF also increased by USD 17 million to USD 5.18 billion in the reporting week, as per the data.

PTI