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India's forex reserves down USD 1.16 billion

Posted on Feb 08 2014 | IANS

Mumbai, Feb 8 : India's foreign exchange (forex) reserves decreased by USD 1.16 billion to USD 291.07 billion for the week ended Jan 31, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by USD 157.3 million to USD 292.23 billion for the week ended Jan 24.

According to the RBI's weekly statistical supplement foreign currency assets, the biggest component of the forex reserves, fell by USD 1.48 billion to USD 264.56 billion.

The foreign currency assets had risen by USD 1.20 billion to USD 265.93 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) decreased by USD 25.6 million to USD 4.43 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) fell by USD 11.5 million to USD 1.99 billion.

The value of India's gold reserves grew by USD 351.2 million at USD 20.07 billion.

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