Forex reserves decline by $1.42 billion

India's forex reserves declined by $1.42 billion to $631.53 billion for the week ended in February 25 due to a dip in currency assets, according to the Reserve Bank data released on Friday.

The overall reserves had increased by $2.76 billion to $632.95 billion in the previous reporting week.

During the reporting week, the foreign currency assets (FCA) declined by $2.23 billion to $564.83 billion.

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.

The value of the gold reserves continued its northward journey and increased by $958 million to $42.47 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by $122 million to $19.04 billion, the RBI said.

The country's reserve position with the IMF also decreased by $34 million to $5.19 billion in the reporting week, the data showed.