Forex reserves down by $306 mn at $601.06 bn

After rising for two consecutive weeks, the country's foreign exchange reserves declined by $306 million to $601.06 billion in the week ended June 3, according to RBI data.

In the previous week, the reserves had increased by $3.85 billion to $601.36 billion.

It had risen by $4.23 billion to $597.51 billion in the week ended May 20.

During the week ended June 3, the decline in the reserves was on account of a fall in Foreign Currency Assets (FCA), a major component of the overall reserves.

FCA declined by $208 million to $536.78 billion in the reporting week, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

Expressed in dollar terms, the FCA include the effect of appreciation or depreciation of non-US units like euro, pound and yen held in the foreign exchange reserves.

Gold reserves dipped by $74 million to $40.84 billion.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $28 million to $18.41 billion, RBI said.

The country's reserve position with the IMF increased by $5 million to $5.02 billion in the reporting week, the data showed.