Forex reserves plunge a steep $20.32 b to $294.34 billion YTD

Last Updated: Sat, Nov 10, 2012 12:38 hrs
A shopkeeper poses for a picture as he counts Indian currency notes at his shop in Jammu

The country's foreign exchange reserves plunged a whopping USD 20.324 billion to USD 294.34 billion year-on-year in the week to November 2, reflecting the steep fall in the rupee and the market intervention by the apex bank during the period..

On a weekly basis, the forex reserves fell by USD 950.3 million to USD 294.34 billion for the week ended November 2, according to the latest Reserve Bank data.

Accordingly, the foreign currency assets, a major component of the forex reserves, were down by a huge USD 1,005.8 million to USD 259.459 billion for the week ended November 2, the Reserve Bank said.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

However, the gold reserves rose by USD 56.4 million to USD 28.189 billion during the reporting period, the apex bank said.

For the week under review, the special drawing rights (SDRs) were down by USD 4.1 million to USD 4.428 billion, and the country's reserve position with the IMF was also down by USD 3.2 million to to USD 2.263 billion, the apex bank data showed.

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