Forex reserves fall by $24 mn

India's foreign exchange (forex) reserves declined by $24 million to $303.48 billion for the week ended March 25 due to a fall in the value of foreign currency assets.

India's foreign exchange (forex) reserves declined by $24 million to $303.48 billion for the week ended March 25 due to a fall in the value of foreign currency assets.

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The foreign currency assets, the biggest component of the forex reserves kitty, fell by $29 million to $273.69 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves.

However, the value of Special Drawing Rights (SDRs) increased by $3 million to $5.23 billion and reserve with the International Monetary Fund (IMF) rose by $2 million to $2.40 billion.

The value of gold reserves remained unchanged at $22.14 billion.