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India's forex reserves down by USD 950.3 million

Posted on Nov 10, 09:57PM | IANS

India's foreign exchange (forex) reserves went down by USD 950.3 million to USD 294.34 billion for the week ended Nov 2, Reserve Bank of India (RBI) data showed Saturday.

The reserves rose by USD 55.6 million to USD 295.29 billion for the week ended Oct 26. Forex was up USD 359.4 million to USD 295.23 billion for the week ended Oct 19.

The foreign currency assets (FCA) - the biggest component of the forex reserves - was up USD 1 billion at USD 259.45 billion, according to the weekly statistical supplement released by the RBI.

The FCA was up USD 86.9 million at USD 260.46 billion in the previous week. The FCA had increased USD 351.3 million at USD 260.37 billion in the previous week.

India's central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, the value of gold reserves rose by 56.4 million at USD 28.18 billion. The gold reserves value had remained unchanged at 28.13 billion since the week ended Oct 12. The reserves had zoomed USD 1.89 billion in the week ended Sep 28.

The special drawing rights (SDRs) declined by USD 4.1 million to USD 4.42 billion during the week under review while reserves with the International Monetary Fund (IMF) were up by USD 3.2 million to USD 2.26 billion.

The SDRs had decreased by USD 20.7 million to USD 4.43 billion during the previous week while reserves with the IMF were down by USD 10.6 million to USD 2.26 billion.