Forex reserves down by $2.23 bn to $550.87 bn

The country's foreign exchange reserves declined by $2.23 billion to stand at $550.87 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the reserves had dropped by $7.94 billion to $553.11 billion.

The fall in the reserves during the reporting week was on account of a dip in the foreign currency assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.

The FCAs decreased by $2.519 billion to $489.598 billion in the reporting week.

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 increased by $340 million to $38.64 billion, the data showed.

The Special Drawing Rights (SDRs) dropped by $63 million to $17.72 billion.

The country's reserve position with the IMF was up by $8 million to $4.91 billion in the reporting week, as per the data.