India's forex reserves down USD 573.5 mn
India's foreign exchange reserves declined by USD 573.5 million to USD 319.99 billion due to a sharp fall in the currency assets for the week ended Aug 1, Reserve Bank of India (RBI) data showed.
The reserves had increased by USD 2.71 billion to USD 320.56 billion on the back of a sharp rise in the currency assets for the week ended July 25.
According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by USD 1.09 billion to USD 292.69 billion for the week under review.
The foreign currency assets had gained by USD 163 million to USD 291.05 billion for the week ended July 25 2014.
The 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.
India's reserve position with the International Monetary Fund (IMF) declined by USD 5.9 million to USD 1.70 billion.
The value of special drawing rights (SDRs) too fell by USD 15.5 million to USD 4.42 billion.
However, the value of gold reserves increased by USD 538.9 million at USD 21.17 billion. The gold reserves had declined by USD 155.5 million in value at USD 20.63 billion in the week ended July 4 till July 25.
(Posted on 09-08-2014)