| Date: |
14-05-2011 |
| Subject: |
Forex Reserves Suffer Heavy Fall, Down By $3.98-bn |
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Country's forex reserves fell by a staggering $3.98-billion to $309.54-billion on the back of a heavy fall in the foreign currency assets.
The foreign exchange had surged by $3.81-billion to $313.51-billion in the previous reporting week.
Foreign currency assets, the largest component of the total reserves, fell by $3.92-billion to $278.12-billion for the week ended May 6, the Reserve Bank said in its weekly data released today.
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.
India's gold reserves were unchanged at $23.79-billion during the reporting week, the apex bank data said.
Both the special drawing rights (SDRs) and reserve position in the IMF witnessed a decline during the week, the RBI said.
The SDRs decreased $37-million to $4.634-billion while India's reserve position in the IMF was down by $24 million to $2.989-billion, the RBI data showed.
Source : smartinvestor.in
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