Forex reserves decline by USD 1.3 bn to USD 422.2 bn

India's foreign exchange reserves declined by USD 1.358 billion to USD 422.2 billion in the week to June 14 due to fall in foreign currency assets, RBI data showed.

Foreign exchange reserves had increased by USD 1.686 billion to USD 423.554 billion in the previous reporting week.

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018.

In the reporting week, foreign currency assets, which is a major component of the overall reserves, decreased by USD 1.353 billion to USD 394.44 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Gold reserves remained stable at USD 22.958 billion, according to the RBI data.