India’s forex reserves down by $471 million

The foreign exchange reserves of the country fell by $471.3 million to $294.51 billion for the week ending November 30 due to slide in gold reserves and core currency assets, the Reserve Bank said on Saturday.

The overall reserves had increased by $1.45 billion to $294.98 billion in the previous reporting week.

For the week ended November 30, the gold reserves slid by $386.2 million to $27.80 billion, the RBI said.

Similarly, the core foreign currency assets, a major part of the reserves, also dropped by $125.7 million to $260.01 billion, the central bank said in its weekly statistical supplement.

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

For the week under review, the special drawing rights (SDRs) were up by $26.9 million to $4.430 billion, while the country’s reserve position with the IMF was up $13.7 million to $2.264 billion, the RBI data showed.