Friday, June 3, 2016

Forex reserves continue to slide, fall to $360.2 bn

Forex reserves continue to slide, fall to $360.2 bn
The country's foreign exchange reserves declined by USD 711.6 million to USD 360.193 billion in the week to May 27 due to fall in foreign currency assets, Reserve Bank said on June 3.

In the previous week, the reserves had fallen by USD 121.3 million to USD 360.905 billion.

Foreign currency assets, which are a major component of the overall reserves, declined by USD 711.9 million to USD 336.227 billion in the week under review, central bank data showed.

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

Gold reserves remained unchanged at USD 20.043 billion.

The country's special drawing rights with the International Monetary Fund remained unchanged at USD 1.498 billion, while the reserve position rose by USD 0.3 million to USD 2.425 billion, the apex bank said.

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