The Reserve Bank of India announced on 16 September 2011 that India's foreign exchange reserves fell by a steep $4.29 billion to $316.50 billion for the week ended 9 September 2011. The fall in foreign exchange reserve was attributed to a drop in foreign currency assets (FCAs). Foreign exchange reserves had earlier risen by $1.61 billion to $320.76.
Foreign currency assets, the biggest component of the reservesdipped by $4.174 billion to $280.701 billion during the week ended 9 September.
Foreign currency assets, expressed in U.S. dollar terms, include the effect of appreciation or depreciation of the non-U.S. currencies such as euro, British pound and Japanese yen, held in the reserves.
According to the apex bank data, gold reserves remained unchanged at $28.319 billion. Both special drawing rights (SDRs) and reserve position in the International Monetary Fund (IMF) were down during the week ended 9 september.
Special drawing rights declined by $69 million to $4.547 billion, while India's reserve position in the IMF dropped by $45 million to $2.930 billion.
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