Forex Reserves Fall A Huge 4 Billion To $367.64 billion

In a sudden reversal of trend the country's forex reserves dipped by a huge $4.34 billion to $4.343 billion to $367.646 billion in the week to 7 October, the Reserve Bank said on Friday.

The decline was on account of a substantial fall in foreign currency assets (FCAs), a major component of the overall reserves.

In the previous week ended 30 September, the reserves had surged $1.223 billion to reach a life-time high of $371.99 billion, PTI has reported. In the reporting week, foreign currency reserves dipped by $4.316 billion to $342.394 billion.

FCAs, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves. Gold reserves remained steady at $21.406 billion, the apex bank said.

Meanwhile, the rupee ended steady in trade for the week, despite a decline in forex reserves. The currency ended the week at 66.71 to the dollar and has been showing remarkable resilience. Check and convert currency rates here

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Story first published: Saturday, October 15, 2016, 8:01 [IST]

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Forex Reserves Fall A Huge $4 Billion To $367.64 billion