Mumbai: India's foreign exchange (forex) reserves decreased by USD 1.72 billion to USD 291.96 billion for the week ended May 17, according to data released by the Reserve Bank of India.

The reserves had fallen by USD 616.4 million to USD 293.69 billion for the week ended May 10.The foreign currency assets (FCA) - the biggest component of the forex reserves - fell by USD 1.68 billion at USD 261.47 billion, the weekly statistical supplement of the central bank shows.

The FCA had fallen by USD 568.1 billion at USD 263.16 billion in the previous week. The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

Gold reserves remained stagnant at USD 23.97 billion, the reserves had dipped heavily by 1.71 billion at USD 23.97 billion in the week ended May 3, 2013. However, the special drawing rights (SDRs) decreased by USD 24 million to USD 4.30 billion during the week under review while reserves with the International Monetary Fund went down by USD 12.6 million to USD 2.21 billion.

The SDRs had fallen by USD 31.9 million to USD 4.32 billion during the previous week, while reserves with the IMF went down by USD 16.4 million to USD 2.22 billion.

(Agencies)

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