India's forex reserves fall by USD 1.113 bn to USD 428.797

India's foreign exchange reserves declined by USD 1.113 billion to USD 428.797 billion in the week to July 12 - the first fall after four consecutive weeks of gains - due to a fall in foreign currency assets.

According to the latest weekly RBI data, foreign currency assets, which are a major component of the overall reserves, slipped by USD 1.11 billion to USD 399.697 billion.

The central bank said



that despite ongoing massive rally in gold prices, the country's gold reserves remained unchanged at USD 24.304 billion.

It stated that the Special drawing rights with the International Monetary Fund fell by USD 1.2 million to USD 1.450 billion.