India's forex reserves down

Last Updated: Sat, Nov 24, 2012 10:10 hrs

Mumbai, Nov 24 (IANS) India's foreign exchange (forex) reserves went down by $32.7 million and stood at $293.52 billion for the week ended Nov 16, the Reserve Bank of India (RBI) data showed.

The reserves had went down by $781.5 million to $293.55 billion in the previous week. The forex had declined by $950.3 million to $294.34 billion for the week ended Nov 2.

The foreign currency assets (FCA) − the biggest component of the forex reserves − were down $16.4 million at $258.69 billion, according to the weekly statistical supplement released by the RBI.

India's central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non−US currencies held in reserve, such as the pound sterling, euro and yen.

However, the gold reserves value had remained unchanged at $28.18 billion since the week ended Nov 2, when the value of gold reserves rose by 56.4 million at $28.18 billion.

The special drawing rights (SDRs) declined by $10.8 million to $4.39 billion during the week under review while reserves with the International Monetary Fund (IMF) were down by $5.5 million to $2.24 billion.

The SDRs had decreased $19.6 million to $4.40 billion during the week ended Nov 2 while reserves with the IMF were up by $10.1 million to $2.25 billion.

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