Forex reserves down USD 643 million

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SME Times News Bureau | 16 Aug, 2014
Country's foreign exchange reserves declined by USD 643.3 million to USD 319.34 billion due to a sharp fall in the currency assets for the week ended Aug 8, Reserve Bank of India (RBI) data showed.

The reserves had fallen by USD 573.5 million to USD 319.99 billion for the week ended Aug 1.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined by USD 646.7 million to USD 292.04 billion for the week under review.

The foreign currency assets had plunged by USD 1.09 billion to USD 292.69 billion for the previous week.

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.

However, India's reserve position with the International Monetary Fund (IMF) grew by USD 0.9 million to USD 1.70 billion.

The value of special drawing rights (SDRs) too increased by USD 2.5 million to USD 4.42 billion.

The value of gold reserves remained static at USD 21.17 billion. The bullion had increased by USD 538.9 million at USD 21.17 billion in the previous week.