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First time in a month, forex reserves fall by $1.11 bn

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After touching record highs, the foreign exchange reserves declined by $1.113 billion to $428.797 billion in the week to July 12 - the first fall after four consecutive weeks of gains - due to a fall in foreign currency assets, show the latest weekly RBI data. In the previous reporting week, the reserves had surged by $2.236 billion to scale a new life-time high of $429.911 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, slipped by $1.11 billion to $399.697 billion, the central bank said July 19.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Despite ongoing massive rally in gold prices, the country's gold reserves remained unchanged at $24.304 billion, according to the central bank data.

Special drawing rights with the International Monetary Fund fell by $1.2 million to $1.450 billion. The country's reserve position with the fund also declined by $1.5 million to $3.345 billion.

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