India's Forex Reserves Drop By $1.54 Billion.

India's foreign exchange (forex) reserves slumped by $1.54 billion to $309.02 billion for the week ended June 24 from $310.56 billion in the previous week on a decline in the value of foreign currency assets, RBI data showed Friday.

The forex reserves have fallen sharply for the second time in the past three reporting weeks. The country's foreign exchange reserves kitty had registered a modest gain of $59 million for the week ended June 17 after declining by $2.4 billion in the previous week.

Foreign currency assets, the biggest component of the forex reserves kitty, declined by $1.51 billion to $277.09 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI) released Friday.

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

The value of special drawing rights (SDRs) fell by $64 million to $4.58 billion and reserves with the International Monetary Fund dropped by $42 million to $2.95 billion.

The value of gold reserves remained unchanged at $24.39 billion.

Source : economictimes.indiatimes.com