The country’s foreign exchange reserves were down by $485.9 million to $294.76 billion for the week ending April 19, in the wake of fall in core currency assets, the Reserve Bank said today.
Forex reserves had gone up by $1.4 billion to $295.25 billion in the previous reporting week.
Foreign currency assets, a major component of the forex reserves, were down by $489.2 million to $262.41 billion, according to Reserve Bank’s weekly statistical supplement.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
The gold reserves remained unchanged at $25.69 billion during the week.
For the week under review, the special drawing rights (SDRs) were up by $2 million to $4.347 billion, while the country’s reserve position with the IMF was also up $1.3 million to $2.311 billion, the apex bank data showed.