After rising for two weeks in a row, India’s foreign exchange reserves declined sharply by USD 3.433 billion to USD 351.920 billion for the week ended 28th August. A RBI press release has informed that foreign currency assets, a major part of the overall reserves, were down by USD 3.424 billion to USD 328.306 billion.
In the previous week, the reserves had increased by a healthy USD 920.6 million to USD 355.353 billion, close to an all-time high of USD 355.46 billion. The country’s gold reserves stood unchanged at USD 18.250 billion at the end of the reporting week while the special drawing rights fell by USD 7.1 million to touch USD 4.067 billion. India’s reserve position with the International Monetary Fund also declined by USD 2.3 million to USD 1.295 billion during the reporting week.