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India's forex reserves down USD 1.20 billion

Posted on Jan 25 2014 | IANS

Mumbai, Jan 25 : India's foreign exchange (forex) reserves decreased by USD 1.20 billion to USD 292.08 billion for the week ended Jan 17, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by USD 177.8 million to USD 293.28 billion for the week ended Jan 10.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by USD 1.20 billion to USD 265.93 billion.The foreign currency assets had risen by USD 190.3 million to USD 267.14 billion in the previous week.

RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) increased by USD 2.6 million to USD 4.42 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) grew by USD 1.2 million to USD 1.99 billion.

The value of India's gold reserves remained stagnant at USD 19.72 billion.

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