Forex reserve dips for second straight week to $366.1 billion
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.
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.
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.
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