Forex Reserves Dip By $286 mn.

Foreign exchange reserves dipped $286 million on account of revaluation of non-dollar assets in reserves during the week ended April 15. The government has breached ways and advances limit for the second consecutive week.

According to the latest data released by the Reserve Bank of India , foreign currency assets, comprising dollars, pounds and euro, among others, dipped $311million during the week. Special drawing rights, the reserve currency with IMF, and the reserve capital with IMF rose by $15 million and $10 million, respectively.

The value of gold in reserves remained unchanged during the week. Total reserves are now at $307.9 billion. In the other developments, the central government borrowed Rs 50,607 crore during the week under the ways and means advances (WMA) during the week ended April 15, way above the Rs 30,000-crore limit set until the third week of April.

Borrowings within the limit are at the prevailing repo rate while those above the agreed limit are 2% higher than the repo rate.

Source : economictimes.indiatimes.com