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Our Bureau

Mumbai, Sept. 12 Forex reserves declined by $6.498 billion in the week ended September 5, three times as much as it did a week ago, chiefly because the dollar appreciated against other global currencies.

Forex reserves fell to $288.8 billion. In the previous week, forex reserves had fallen by $1.97 billion to $295.309 billion.

In the week under review, foreign currency assets declined by $6.491 billion to $279.626 billion.

Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen held in reserves.

The week saw the euro touching a 11-month low of $1.4235, and the sterling touching a two-year low of $11.7850.

The dollar sharply appreciated because crude oil dipped to $105 a barrel.

The change in the currency values also impacts the RBI’s profit, as is seen from the latest annual report for 2007-2008. The balance in the Currency and Gold Revaluation Account (CGRA) as on June 30, 2008, had increased to Rs 1,63,211.83 crore, (Rs 21,723.52 crore). The increase was on account of depreciation of the dollar against other currencies and increase in the price of gold, said the RBI.

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