The Hindu Business Line : Forex reserves fall by $23 m

THE country's forex reserves have fallen by $23 million for the week ended July 22 due to currency revaluation, according to the RBI's Weekly Statistical Supplement.

The total foreign exchange reserves are now at $137.538 billion against $137.561 billion in the earlier week.

Foreign currency assets fell by $26 million to touch $131.521 billion for the week under review. Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

Gold and Special Drawing Rights were unchanged at $4.453 billion and $4 million respectively.

India's reserve tranche position in the IMF fell by $7 million to touch $1.560 billion.

On July 21, China scrapped the yuan's peg to the dollar and tied it to a basket of currencies. Post-revaluation the new yuan rate touched 8.11 per dollar, an appreciation of 2.1 per cent. As an effect of this revaluation, the Indian rupee too touched a six-year high. However, this was just a euphoric response to the yuan revaluation, said dealers.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves fall by $23 m