Forex reserves decline $77 mn to $635.83 bn

Declining for the third consecutive week, India's forex reserves dipped by $77 million to reach $635.83 billion for the week ended December 10, RBI data showed on Friday.

In the previous week, the reserves had slid by $1.78 billion to $635.90 billion.

In the reporting week ended December 10, the dip in the forex kitty was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.

FCA dropped by $321 million to $572.87 billion, as per the data.

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.

Value of the gold reserves rose by $291 million by to $38.71 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were down by $37 million to $19.09 billion.

The country's reserve position with the IMF also increased by $10 million to $5.17 billion, the data showed.

Photograph: Morteza Nikoubazl/Reuters