Forex reserve dips for second straight week to $366.1 billion

The Reserve Bank of India on Friday said that India's foreign exchange reserves dropped again by $1.51 billion to $366.1 billion as on October 14.

The decline was seen for the second consecutive week from $367.6 billion in the previous week, the RBI data showed. 

source: tradingeconomics.com

Foreign Exchange Reserves in India averaged $197979.07 million from 1998 until 2016, reaching an all time high of $383643 million in December of 2009 and a record low of $29048 million in September of 1998, Trading Economics data showed

Since the start of year 2016, forex reserves had touched a new high week after week as RBI built up its reserves to prepare against externalities. Foreign Currency Asset - which indicates the largest element of country’s reserve, have also declined this month.  

Foreign currency assets (FCAs) dipped by $1.486 billion to $340.908 billion. During the week which ended on October 14, the gold reserves remained same at $21,406.3 million. 

India's Reserve position in the International Monetary Fund dipped by $12.8 million to $2356.5 million, the RBI said.