India's forex reserves down at $277 billion

India's foreign exchange reserves fell by $1.151 billion to $277.042 billion for the week ended March 26, against $278.193 billion in the previous week.

The foreign currency assets, during the week, slipped to $252.755-billion, against $253.845-billion in the week-ago period, the Reserve Bank said in its weekly report.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as Euro, Sterling and Yen held in the reserves, the apex bank said.

During the week, country's gold reserves remained static at $17.920 billion while special drawing rights declined further to $4.991 billion from $5.039 billion in the week-ago period, the RBI said.

India's reserve position in the International Monetary Fund declined to $1.376-billion from $1.389-billion a week ago, the RBI said.