Forex reserve dips $481 million

India’s foreign exchange reserve declined by $481 million to $254.76 billion in the week ended January 9, 2009 mainly due to revaluation of currency. The foreign currency assets reduced by $458 million to $245.42 billion during the week, latest data by the RBI said.

During the period, the reserve position with the International Monetary Fund (IMF) dipped by $23 million to $854 million. Gold and Special Drawing Rights (SDRs) remained unchanged in the reserve. Dealers attributed the dip in the reserve mainly due to revaluation of euro.