SME Times News Bureau | 18 Apr, 2015
India's foreign exchange reserves decreased by USD 2.59 billion to USD 340.41 billion for the week ended April 10, Reserve Bank of India (RBI) data showed on Friday.
For the previous week ended April 3, the reserves had grown by USD 1.62 billion to USD 343 billion. It had increased by USD 1.38 billion to USD 341.37 billion in the week ended March 27.
The Indian reserves declined during the week under review due to a major fall in the foreign currency assets (FCA), the biggest component of the forex reserves.
The RBI said foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
The Indian reserves hold nearly 20-25 percent of the non-dollar currencies.
The FCA fell by USD 2.51 billion during the week under review at USD 316.13 billion.
The FCA had grown by USD 2.40 billion at USD 318.64 billion in the week ended April 3. The FCA in the week ended March 27 had risen by USD 1.35 billion at USD 316.23 billion.
India's reserve position with the International Monetary Fund (IMF) in the week ended April 10 was down USD 20 million at USD 1.28 billion.
The value of special drawing rights (SDRs) decreased by USD 61.9 million in the week under review at USD 3.95 billion.
However, gold reserves were static at USD 19.03 billion. The bullion had fallen by USD 799 million at USD 19.03 billion for the week ended April 3.
