Forex reserves fall $2.119 billion to $723.608 billion

India’s foreign exchange reserves declined by $2.119 billion to $723.608 billion for the week ended February 20, according to data released by the Reserve Bank of India (RBI) on Friday, PTI reported.In the previous reporting week, the country’s overall reserves had risen sharply by $8.663 billion to touch a record high of $725.727 billion.During the latest reporting week, foreign currency assets (FCAs), a major component of the reserves, decreased by $1.039 billion to $572.564 billion, the RBI data showed.Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the foreign exchange reserves.The value of gold reserves declined by $977 million to $127.489 billion during the week under review, the central bank said.Special Drawing Rights (SDRs) were down by $84 million to $18.84 billion, according to the RBI.India’s reserve position with the International Monetary Fund (IMF) also fell by $18 million to $4.716 billion in the reporting week, the data showed.