Business & Economy

India's foreign exchange reserves fall by $ 1.329 billion to $ 291.802 billion

NetIndian News Network

Mumbai, May 18, 2012

India’s foreign exchange reserves declined by $ 1.329 billion to $ 291.802 billion in the week ended May 11 from $ 293.131 billion in the previous week, the Reserve Bank of India (RBI) said today.

This was the second straight week that the country’s forex reserves have fallen after the $ 2.19 billion fall in the previous reporting week.
Foreign currency assets dropped by $ 1.329 billion to $ 257.86 billion during the week ended May 11, the RBI’s Weekly Statistical Supplement said.
The country’s foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling and Yen held in reserves, it said.
The gold reserves remained unchanged at $ 26.618 billion, it said. 
The special drawing rights (SDRs) were down by $ 25.6 million to $ 4.434 billion, while the country’s reserve position with the International Monetary Fund (IMF) fell by $ 16.7 million to $ 2.889 billion, the bulletin added.