India’s forex reserves fall by $112 million

July 23rd, 2011 - 3:33 pm ICT by IANS  

Mumbai, July 23 (IANS) India’s foreign exchange (forex) reserves declined by 112 million to $314.50 billion for the week ended July 15 due to a sharp drop in the value of foreign currency assets, official data showed.

Foreign currency assets, the biggest component of the forex reserves kitty, dropped by $115 million to $282.29 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

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 (SDRs) increased by $2 million to $4.58 billion and reserves with the International Monetary Fund rose by $1 million to $2.95 billion.

The value of gold reserves remained unchanged at $24.66 billion.

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