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| Forex kitty shrinks $1.73 bn to $254 bn |
| BS Reporter / Mumbai May 23, 2009, 00:48 IST |
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India’s foreign exchange reserves declined $1.73 billion to $254.21 billion during the week ended May 15, 2009, mainly due to revaluation of currencies.
According to the latest data by the Reserve Bank of India (RBI), foreign currency assets declined $1.75 billion to $243.75 billion. The reserves have gone up by $2.22 billion in the financial year so far.
Gold and special drawing rights remained unchanged while the reserve position in the International Monetary Fund rose $13 million to $1.22 billion during the week.
In rupee terms, the reserves declined Rs 1,195 crore to Rs 12,60,208 crore. During the week, foreign institutional investors bought shares worth $1.09 billion in the Indian stock market. The rupee appreciated 0.22 per cent to 49.40 levels at the end of May 15, from 49.51 on May 11.
The reserve money went up 2.2 per cent to Rs 9,60,221 crore. Currency in circulation went up 0.4 per cent while bankers’ deposits with the central bank rose 9.4 per cent. Other deposits with the RBI came down by 29.1 per cent.
During the fortnight ended May 15, 2009, banks’ investments in liquid schemes of mutual funds went up by Rs 15,080 crore. Bankers said they had few avenues to park excess funds after the RBI closed the second LAF (liquid adjustment facility) window.
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