Forex reserves shrink by $2 billion

The country's foreign exchange reserves declined further by $1.986 billion for the week ended on March 6 to $247.292 billion as compared to $249.278 billion in the previous week.

The country's foreign exchange reserves declined further by $1.986 billion for the week ended March 6 to $247.292 billion as compared to $249.278 billion in the previous week.

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Reserves had fallen by $249 million in the week ended on February 27.

Foreign currency assets, during the week, declined to $236.727 billion as compared to $238.715 billion in the previous week, RBI said in its weekly report on Friday.

FCAs expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling and Yen, the central bank said.

India's gold reserves and special drawing rights (SDR), during the week, stood unchanged at $9.746 billion and $1 million respectively, RBI said.

The country's reserve position in the International Monetary Fund increased slightly to $818 million as against $816 million in the previous week, the apex bank said.