This is the second consecutive time that the reserves have fallen in the last six weeks. The reserves had fallen by $2.26 billion to $312.65 billion for the week ended on May 23. Before that it had risen by $1.09 billion to $314.92 billion for the week ended on May 16. For the week ended on May 9, forex reserves had gained by $1.97 billion to reach $313.83 billion.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by $269.3 million to $285.29 billion in the week under review.

The foreign currency assets had increased by $2.25 billion to $285.56 billion for the week ended May 23.The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) also fell. The SDRs were down $3.3 million to $4.44 billion. The value of gold reserves remained the same in the period under review at $20.96 billion. The reserves had declined by $601 million to $20.96 billion in the week ended on May 2.

(Agencies)

Latest News  from Business News Desk