India's forex reserves fall $2.5 billion to $293 billion

India's forex reserves fall $2.5 billion to $293 billion

India’s foreign exchange reserves declined by $2.599 billion to $293.11 billion in the week ended January 3 on account of a fall in foreign currency assets, RBI said on Friday.

The reserves had risen by $204.9 million to $295.71 billion in the previous reporting week.Foreign currency assets (FCAs), which form a major part of the overall reserves, dipped $1.681 billion to $266.953 billion in the week under review, the Reserve Bank said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies held in reserves. During the week under review, gold reserves fell  $878.6 milion to $19.724 billion.

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