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| Forex reserves dip by $242 mn |
| Press Trust of India / Mumbai Aug 27, 2010, 21:02 IST |
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The country's foreign exchange reserves declined for the second consecutive week, reaching $282.549 billion for the week ended August 20, down $242 million compared to previous week's $282.791 billion.
Forex reserves had tanked by $4.5 billion last week due to changes in values of international currencies and import payments, making it the biggest weekly fall in over 20 months.
Foreign currency assets, a major component of the country's foreign exchange reserves, slid to $256.369 billion sliding by $222 million compared to previous week's $256.591 billion, the the Reserve Bank of India (RBI) said in its weekly data released today.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as the euro, sterling and yen, held in the reserves, the apex bank said.
The country's gold remained unchanged at $19.278 billion while India's Special Drawing Rights (SDRs) was down by $14 million to $4.97 billion, the data showed.
India's reserve position in the International Monetary Fund (IMF) was also down by $6 million to $1.931 billion, the RBI said.
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