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India's Forex Reserves dropped by 1.11 Billion US Dollars to 276.26 Billion US Dollars

Oct 6, 2013 16:15 IST

India's foreign exchange (forex) reserves fell by 1.11 billion US dollars to 276.26 billion US dollars for the week ended on 27 September 2013 as compared to 277.38 billion US dollars in the previous week due to a sharp drop in the value of foreign currency assets, official data showed.
The forex reserves has declined sharply after a significant gains in the previous two weeks. The reserves had increased by 277.38 billion US dollars and 544.7 million US dollars respectively in the previous two weeks.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets, the biggest component of the forex reserves, dropped by 1.29 billion US dollars to 247.92 billion US dollars for the week ended 27 Sep 2013.

The foreign currency assets, expressed in the US dollar term, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen. However, India's reserve position with the International Monetary Fund (IMF) jumped by 177.7 million US dollars to 2.19 billion US dollars and the value of the special drawing rights (SDRs) increased by 1.1 million US dollars to 4.42 billion US dollars. The value of India's gold reserves remained unchanged at 21.72 billion US dollars during the week under review.

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