India's forex reserves fall by $971 million | business | Hindustan Times
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India's forex reserves fall by $971 million

business Updated: Dec 18, 2010 16:41 IST

IANS
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India's foreign exchange (forex) reserves declined by $971 million to $295.42 billion for the week ended Dec 10 due to a slump in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, declined by $979 million to $266.25 billion during the week, according to the weekly statistical supplement of the Reserve Bank of India.

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.

However, the Special Drawing Rights (SDRs) rose by $6 million to $5.072 billion and the reserve with the International Monetary Fund advanced by $2 million to $1.97 billion.

The value of gold reserves remained unchanged at $22.124 billion.