Forex kitty dips $2.9bn to $652.9bn

MUMBAI: India’s forex reserves dropped by $2.9 billion to $652.9 billion for the week ended June 14, the Reserve Bank said on Friday.
In the previous reporting week, the kitty had jumped by $4.3 billion to $655.8 billion, a new all-time high after consecutive weeks of increase in the reserves.
For the week ended June 14, foreign currency assets, a major component of the reserves, decreased by $2.1 billion to $574.2 billion, the data released on Friday showed.
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.
Gold reserves decreased by $1.0 billion to nearly $56 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $54 million to $18.1 billion, the apex bank said.
India’s reserve position with the IMF was up by $245 million to $4.6 billion in the reporting week, the apex bank data showed.