India's dollar holdings slip by $1 billion to $399.6 billion

Last Updated: Sat, Oct 13, 2018 13:16 hrs
US Dollars

A Reserve Bank data on Friday reported that Foreign exchange reserves, namely the dollar holdings in the country slipped from $1 billion to $ 399.609 billion in the week to October 5. This on account of a fall in foreign currency assets.

In the reporting week, foreign currency assets, a major component of the overall reserves, decreased by $ 1.011 billion to $ 375.231 billion, as per the RBI data.

Gold reserves rose by $ 107.3 million to $ 20.450 billion in the said week.

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

In the previous week, the reserves had declined by $ 1.265 billion to $ 400.52 billion.

Forex reserves had touched a record high of $ 426.028 billion in the week to April 13, 2018, but have been declining since then. In the week ending September 14, the country's forex reserves slipped below $400 billion for the first time in nearly a year.