India's forex reserves down $485 mn

Mumbai, April 27 (IANS) India's foreign exchange (forex) reserves decreased by $485.9 million to $294.76 billion for the week ended April 19, according to data released by the central bank.

The reserves had risen by $1.40 billion to $295.24 billion for the week ended April 12.

The foreign currency assets (FCA) - the biggest component of the forex reserves - fell by $489.2 million at $262.41 billion, according to the weekly statistical supplement released by the Reserve Bank of India (RBI).

The FCA had risen by $1.38 billion at $262.90 billion in the previous week.

The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

Gold reserves value remained the same at $25.69 billion.

However, the special drawing rights (SDRs) increased by $2 million to $4.34 billion during the week under review, while reserves with the International Monetary Fund (IMF) went up by $1.3 million to $2.31 billion.

The SDRs had grown by $11.5 million to $4.34 billion during the previous week, while reserves with the IMF went up by $6.1 million to $2.31 billion.