India’s forex reserves drop by $1.37 billionMay 19th, 2012 - 6:10 pm ICT by IANS
Mumbai, May 19 (IANS) India’s foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed.
The forex reserves has dropped sharply for the second consecutive week. It had declined by $2.18 billion in the previous week.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India’s weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day’s record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India’s reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
- Rupee dips to new intra-day low of 54.91 to a dollar - May 18, 2012
- India's forex reserves drop by $1.80 billion - May 26, 2012
- India's forex reserves drop by $1.74 billion - Jun 02, 2012
- India's forex reserves fall by $2.187 billion - May 12, 2012
- RBI to defend rupee from falling further (Lead) - May 18, 2012
- India's forex reserves slump by $3.14 bn - Jan 15, 2012
- India's forex reserves slump by $5.72 billion - Nov 13, 2011
- India's forex reserves slump by $4.29 billion - Sep 17, 2011
- India's forex reserves plunge to $285.85 bn - Jun 08, 2012
- India's forex reserves drop by $1.47 billion - Apr 14, 2012
- India's forex reserves grow to $287.37 billion - Jun 17, 2012
- India's forex reserves decline by $250 million - Aug 25, 2012
- India's forex reserves down $0.76 billion - Jun 30, 2012
- India's forex reserves slump by $4.67 billion - Dec 25, 2011
- India's forex reserves rise by $858 million - Oct 29, 2011
Tags: bank of india, consecutive record, currency assets, currency reserves, depreciation, dollar terms, foreign currency, foreign exchange reserves, forex reserves, gold reserves, indian rupee, international monetary fund, international monetary fund imf, pound sterling, rbi, reserve bank of india, second consecutive week, special drawing rights, statistical supplement, value of gold