| Date: |
11-10-2014 |
| Subject: |
India’s forex reserves dip by $ 2.754 billion to $ 311.427 billion |
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India’s foreign exchange reserves dropped sharply by $ 2.754 billion to $ 311.427 billion, a five-month low, in the week ended October 3, the Reserve Bank of India (RBI) has said.
This was the fifth straight week that the forex reserves have fallen. They had dipped by $ 1.415 billion to $ 314.181 billion in the previous week. In the last five weeks, the reserves have gone down by about $ 7.2 billion, partly due to the appreciation of the dollar against major currencies.
In its weekly statistical supplement issued here yesterday, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, fell by $ 1.804 billion to $ 285.588 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves fell by $ 919.7 million to $ 20.013 billion, while its special drawing rights (SDR) fell by $ 22.8 million to $ 4.284 billion during the week.
India's reserve position in the Indian Monetary Fund (IMF) declined by $ 8.2 million to $ 1.541 billion during the period, the bulletin added.
Source : netindian.in
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