Forex reserves decline by USD 388 million to USD 428.57 billion

India's forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets. The Reserve Bank data released on Friday showed that in the week to September 20, foreign currency assets a major component of overall reserves declined by USD 125 million to USD 396.670 billion.

It also showed that during the week, the value of gold reserves



declined by USD 259 million to USD 27.843 billion, making it the second consecutive week of decline in the value of the precious metal held by India. According to the data, country's special drawing rights with the International Monetary Fund increased by USD 3 million to USD 1.435 billion during the week, while country's reserve position with the Fund declined by USD 6 million to USD 3.623 billion.