Forex reserves down $502 mn

India’s foreign exchange reserves fell $502 million to $294 billion over the fortnight ended September 21. The reduction was mainly on account of revaluation in foreign currency assets, which fell $486 million. According to the Reserve Bank of India data, special drawing rights were down $11 million to $4.5 billion and the position at the IMF was down $5.6 million to $2.2 billion. Gold remained unchanged in the fortnight.