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India's forex reserves down USD 471 million

Posted on Dec 08, 11:08PM | IANS

India's foreign exchange (forex) reserves went down up by USD 471.3 million to USD 294.50 billion for the week ended Nov 30, according to Reserve Bank of India (RBI) data.

The reserves had gone up by USD 1.45 billion to USD 294.98 billion in the previous week.

The foreign currency assets (FCA) - the biggest component of the forex reserves - decreased by USD 125.7 million at USD 260.01 billion, according to the weekly statistical supplement released by the RBI.

The 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.

Gold reserves value had dipped by USD 386.2 million and stood at USD 27.80 billion. The value had remained unchanged at USD 28.18 billion since the week ended Nov 2, when the value of gold reserves rose by USD 56.4 million.

The special drawing rights (SDRs) increased by USD 26.9 million to USD 4.42 billion during the week under review, while reserves with the International Monetary Fund (IMF) were up by USD 13.7 million to USD 2.26 billion.

The SDRs had increased by USD 4.8 million to USD 4.40 billion during the week ended Nov 23 while reserves with the IMF had gone up by USD 2.5 million to USD 2.25 billion.