India's forex reserves dip $3.32 bn | business | Hindustan Times
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India's forex reserves dip $3.32 bn

India's foreign exchange reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.

business Updated: Jan 15, 2011 17:26 IST

India's foreign exchange (forex) reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, fell by $3.25 billion to $264.56 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 British pound sterling, euro and Japanese yen held in reserves.

The value of Special Drawing Rights (SDRs) declined by $50 million to $5.02 billion and reserves with the International Monetary Fund (IMF) fell by $19 million to $1.95 billion.

However, the value of gold reserves remained unchanged at $22.47 billion during the first week of 2011.