India's forex reserves down by $1.228 bn to $361.943 bn

Last week, the reserves had surged by $2.374 billion to $363.171 billion.

India’s foreign exchange reserves declined by $1.228 billion to $361.943 billion in the week to July 8 due to a fall in foreign currency assets, the Reserve Bank said on Friday.

Last week, the reserves had surged by $2.374 billion to $363.171 billion.

Foreign currency assets (FCAs), a major component of the overall reserves, declined by $1.218 billion to $337.493 billion in the reporting week, RBI data showed.

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

Gold reserves remained unchanged at $20.576 billion.      

The country's special drawing rights with the International Monetary Fund were down by $3.6 million to $1.484 billion and the reserve position dipped by $5.9 million to $2.389 billion, the central bank said.