Forex reserves down USD 672 million

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SME Times News Bureau | 29 Nov, 2014
India's foreign exchange reserves fell by USD 672.4 million to USD 314.87 billion for the week ended Nov 21, Reserve Bank of India (RBI) data showed.

The reserves had risen by USD 419.4 million to USD 315.55 billion for the week ended Nov 14.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined USD 664.3 million at USD 289.39 billion in the week under review.

The foreign currency assets had gained USD 422.7 million at USD 290.06 billion in the previous week (Nov 14).

The RBI said the 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.

India's reserve position with the International Monetary Fund (IMF) was down USD 2.2 million to USD 1.51 billion.

The value of special drawing rights (SDRs) was lower by USD 5.9 million at USD 4.22 billion.

The value of gold reserves which was static since Oct 3 at USD 20.01 billion and had declined by 275 million at USD 19.73 billion for the week ended Oct 31, stayed the same in the week ended Nov 21.