India’s foreign exchange (forex) reserves declined by $371 million to $312.5 billion for the week ended May 2. This is the second consecutive decline in forex reserves in as many weeks. In the week-ago period, the reserves had declined by $663 million to $312.871 billion. Foreign currency assets (FCAs) during the reporting week declined by $248 million to $302.576 billion, against $302.328 billion a week before, the data released by the Reserve Bank of India said. FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen held in the country’s reserve, RBI said. India’s reserve position in the International Monetary Fund (IMF) declined by $7 million to $479 million. The country’s gold reserves declined by $612 million to stand at $9.427 billion, while special drawing rights (SDRs) remained static at $18 million.
