India’s forex reserves decline by $621 million

August 20th, 2011 - 3:12 pm ICT by IANS  

Mumbai, Aug 20 (IANS) India’s foreign exchange (forex) reserves declined by $621 million to $316.60 billion for the week ended Aug 12 due to sharp drop in the value of foreign currency assets, official data showed Saturday.

The foreign reserves kitty has declined sharply for the second consecutive week after surging to an all-time high of $319.08 billion recorded during the week ended July 29.

The forex reserves had declined by $1.86 billion to $317.22 billion in the previous week under review.

Foreign currency assets, the biggest component of the forex reserves kitty, declined by $652 million to $283.66 billion during the week ended Aug 12, according to the weekly statistical supplement of the Reserve Bank of India.

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.

However, the value of special drawing rights increased by $19 million to $4.61 billion and reserves with the International Monetary Fund rose by $12 million to $2.97 billion.

The value of gold reserves remained unchanged at $25.35 billion.

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