India’s forex reserves down by $950.3 million

Mumbai, Nov 10 (IANS) India’s foreign exchange (forex) reserves went down by $950.3 million to $294.34 billion for the week ended Nov 2, Reserve Bank of India (RBI) data showed Saturday.

The reserves rose by $55.6 million to $295.29 billion for the week ended Oct 26. Forex was up $359.4 million to $295.23 billion for the week ended Oct 19.

The foreign currency assets (FCA) – the biggest component of the forex reserves – was up $1 billion at $259.45 billion, according to the weekly statistical supplement released by the RBI.

The FCA was up $86.9 million at $260.46 billion in the previous week. The FCA had increased $351.3 million at $260.37 billion in the previous week.

India’s 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.

However, the value of gold reserves rose by 56.4 million at $28.18 billion. The gold reserves value had remained unchanged at 28.13 billion since the week ended Oct 12. The reserves had zoomed $1.89 billion in the week ended Sep 28.

The special drawing rights (SDRs) declined by $4.1 million to $4.42 billion during the week under review while reserves with the International Monetary Fund (IMF) were up by $3.2 million to $2.26 billion.

The SDRs had decreased by $20.7 million to $4.43 billion during the previous week while reserves with the IMF were down by $10.6 million to $2.26 billion.

IANS 2012-11-10 20:24:06