According to the RBI data, India's foreign exchange reserves fell by a steep $4.67 billion to $302.1 billion during the week ended 16 December 2011 on account of a fall in foreign currency assets. The dip marked the lowest in nine months. The forex reserves registered a fall for the sixth of the last seven weeks. The reserves declined by over $18 billion in the last seven weeks and are currently at their lowest level since March 2011.
Foreign currency assets, the biggest component of the forex reserves, fell by $4.66 billion to $266.96 billion for the week ended 16 December according to the weekly statistical supplement of the Reserve Bank of India (RBI). The 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 $54 million to $4.44 billion, while the value of gold reserves remained unchanged at $28.04 billion.
However, India's reserves with the International Monetary Fund (IMF) rose by $47 million to $2.65 billion.
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