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India's forex reserves down by USD 31 million

Posted on Apr 26 2014 | IANS

Mumbai, April 26 : India's foreign exchange (forex) reserves fell by USD 31.6 million to USD 309.41 billion for the week ended April 18, Reserve Bank of India (RBI) data showed.

There was a sharp decline in foreign currency assets component of forex in the week under review.

For the week ended April 11, the forex reserves had risen by USD 2.79 billion to USD 309.44 billion.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by 16.2 million to USD 281.53 billion.

The RBI said that 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 biggest component of the forex reserves, had increased by USD 2.74 billion to USD 281.55 billion in the week ended April 11.

India's reserve position with the International Monetary Fund (IMF) slipped by USD 4.5 million to USD 1.83 billion.

The value of special drawing rights (SDRs) decreased by USD 10.9 million to USD 4.47 billion.

However, the value of gold reserves remained unchanged at USD 21.56 billion.

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