• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, Aug. 8 The foreign exchange reserves fell by $1.13 billion to touch $305.474 billion for the week ended August 1, according to figures released by Reserve Bank of India’s Weekly Statistical Supplement.

This is the third consecutive week that forex reserves have fallen. For the week ended July 25, the reserves had fallen by $504 million to $306.603 billion.

In the week under review, foreign currency assets decreased by $1.65 billion to $295.216 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies. A forex dealer attributed the decline in the reserves to depreciation in the euro and pound, leading to a revaluation effect.

Gold increased by $527 million to $9.735 billion, while SDRs remained unchanged at $11 million. The reserve position in the IMF fell by $3 million to $512 million.

Bank credit declined substantially by Rs 6,637 crore to Rs 24,06,434 crore as on July 25, 2008. Food credit decreased by Rs 6,746 crore to Rs 43,891 crore while non-food credit increased by Rs 109 crore to Rs 23,62,543 crore.

More Stories on : Forex

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

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line