India's forex reserves down USD 5 mn

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SME Times News Bureau | 09 Aug, 2014
India's foreign exchange reserves declined by USD 5 million to USD 99 billion due to a sharp fall in the currency assets for the week ended Aug 1, Reserve Bank of India (RBI) data showed.

The reserves had increased by USD billion to USD 56 billion on the back of a sharp rise in the currency assets for the week ended July 25.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by USD billion to USD 69 billion for the week under review.

The foreign currency assets had gained by $163 million to USD 05 billion for the week ended July 25 2014.

The 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.

India's reserve position with the International Monetary Fund (IMF) declined by $5.9 million to $1.70 billion.

The value of special drawing rights (SDRs) too fell by USD million to USD billion.

However, the value of gold reserves increased by $538.9 million at USD 7billion. The gold reserves had declined by USD 5 million in value at USD 3 billion in the week ended July 4 till July 25.