India's forex reserves down at $347.20 billion

The reserves had dropped by $1.434 billion to $348.934 billion.

Continuing their downtrend, India's foreign exchange reserves declined by a whopping $1.726 billion to $347.207 billion in the week to January 15 on account of fall in foreign currency assets (FCAs), according to the Reserve Bank.

In the previous week, the reserves had dropped by $1.434 billion to $348.934 billion.

FCAs, a major component of overall reserves, declined by $1.723 billion to $324.674 billion in the reporting period, the RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.

The gold reserves remained unchanged at $17.240 billion in the period.

India's special drawing rights with the International Monetary Fund (IMF) fell by $2.4 million to $3.997 billion in the week, while country's reserve position with the Fund decreased by $ 0.7 million to $1.295 billion, the apex bank stated.