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India's forex reserves down by $781 million

Source : IANS
Last Updated: Sat, Nov 17, 2012 16:00 hrs

Mumbai, Nov 17 (IANS) India's foreign exchange (forex) reserves went down by $781.5 million for the week ended Nov 9, Reserve Bank of India (RBI) data showed Saturday.

The reserves had declined by $950.3 million to $294.34 billion for the week ended Nov 2. The forex had risen by $55.6 million to $295.29 billion for the week ended Oct 26.

The foreign currency assets (FCA) − the biggest component of the forex reserves − were down $751.8 billion at $258.70 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 $19.6 million to $4.40 billion during the week under review while reserves with the International Monetary Fund (IMF) were up by $10.1 million to $2.25 billion.

The SDRs had decreased by $4.1 million to $4.42 billion during the previous week while reserves with the IMF were down by $3.2 million to $2.26 billion.

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