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Forex reserves down USD 1.98 billion till Aug 22

Posted on Aug 30 2014 | IANS

Mumbai, Aug 30 : India's foreign exchange reserves fell by USD 1.98 billion to USD 318.57 billion till the week ended Aug 22.

According to Reserve Bank of India (RBI) data, the reserves declined by USD 810.7 million for the week ended Aug 22, while it was up USD 43.3 million in the week ended Aug 15, USD 643 million down in the week ended Aug 8 and USD 573.5 million in the week ended Aug 1.

The latest data showed that the reserves had declined by USD 810.7 million to USD 318.57 billion due to a decline in the currency assets for the week ended Aug 22.

The reserves declined by USD 643.3 million to USD 319.34 billion for the week ended Aug 8.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined by USD 783 million to USD 291.31 billion for the week under review.

The foreign currency assets had plunged USD 646.7 million to USD 292.04 billion for the previous week.

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) slipped by USD 7.9 million to USD 1.69 billion.

The value of special drawing rights (SDRs) was down by USD 19.8 million at USD 4.39 billion.

However, the value of gold reserves remained static at USD 21.17 billion. The bullion had increased by USD 538.9 million at USD 21.17 billion in the previous week.

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