Forex reserves fall by $550 mn

India’s foreign exchange reserve fell by $550 million to $245.80 billion during the week ended November 21, 2008, due to revaluation in some foreign currencies and partial intervention by the Reserve Bank of India (RBI) to check a steep depreciation of the rupee.

Repeated intervention by RBI in the foreign exchange market has meant that India’s foreign exchange reserves have dipped by $63.92 billion since the end of March, 2008. The reserves are nearly $29.52 billion lower than the level at the end of December 2007. Forex reserves fell below the $250 billion mark after more than 13 months. For the week ended September 28, 2007, India’s foreign exchange reserves were at $247.76 billion.

 

Foreign currency assets declined by $0.55 billion to $236.97 billion during the week. Gold and SDRs remained unchanged, at $8,382 million and $3 million respectively.