Forex reserves dip by $1.84 bn

India’s foreign exchange reserve dipped by $1.84 billion to $249.70 billion in the week ended February 13, 2009 mainly on account of the revaluation in the foreign currency assets.

According to the latest data by the Reserve Bank of India (RBI), foreign currency assets declined by $1.839 billion to $ 239.98 billion during the week.

Special Drawings Right reduced by $2 million while gold remain unchanged in the reserve. The reserve position in the International Monetary Fund declined marginally by $1 million to $ 830 million.

Dealers attributed the dip in the reserve to revaluation of foreign currencies against dollars. Foreign currency assets expressed in US dollars includes the effect of appreciation and depreciation of currencies such as euro, sterling, pound and the Japanese Yen held in the reserve.

In rupee terms the reserve declined by Rs 9,209 crore to Rs 12,16,767 crore during the period. Rupee remained flat at 48.68 levels. Foreign institutional investors bought stocks in the equity market to the tune of $110.50 million.