India's forex reserves fall to $317.3 billion

India's foreign exchange reserves dipped by $1.327 billion to $317.313 billion in the week ended September 5 on a slide in the currency assets and gold stockpile, the Reserve Bank said.

The total reserves had increased by $60.5 million to $318.64 billion in the previous reporting week.

Foreign currency assets (FCAs), a major constituent of overall reserves, dropped by $1.028 billion to $290.364 billion for the week under review, the apex bank said.

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

After remaining unchanged for many weeks, the gold reserves dipped by $240.7 million to $20.93 billion.

The special drawing rights were down $41.6 million to $4.344 billion, and India's reserve position with the IMF also dropped by $ 16 million to $ 1.671 billion during the week, the RBI data showed.