FE kitty dips by $242 m

 Forex reserves had tanked by US$4.5 billion last week due to changes in values of international currencies and import payments, making it the biggest weekly fall in over 20 months.

Foreign currency assets, a major component of the country’s foreign exchange reserves, slid to US$256.369 billion sliding by US$222 million compared to previous week’s US$256.591 billion, the the Reserve Bank of India (RBI) said in its weekly data released on Friday.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as the euro, sterling and yen, held in the reserves, the apex bank said.

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