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| Forex reserves fall by $520 mn |
| BS Reporter / Mumbai Apr 25, 2009, 00:58 IST |
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India’s foreign exchange reserves fell by $520 million to $252.46 billion during the week ended April 17, mainly due to revaluation of currencies against the dollar.
According to the data released by the Reserve Bank of India (RBI), foreign currency assets declined by $520 million to $241.91 billion. Foreign currency assets include the effect of appreciation or depreciation of euro, sterling and yen held in reserves. But they do not include the $250 million invested in foreign currency-denominated bonds issued by IIFC.
During the week, the rupee appreciated on account of higher purchases by foreign institutional investors in Indian markets. The rupee closed at 49.67 on April 16, 2009, as against 50.19 on April 9, 2009.
The reserve positions in the International Monetary Fund (IMF) remained unchanged at $976 million. Similarly, gold and special drawings rights remained unchanged too.
The reserve money, which includes currency in circulation, bankers’ deposit with RBI and other deposits with the central bank, grew by 3.7 per cent on a year-on-year basis to Rs 9,42,204 crore at the end of April 17, 2009.
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