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Our Bureau

Mumbai, Nov. 28 The country’s foreign exchange reserves declined by $550 million to touch $245.799 billion for the week ended November 21, according to the figures released by the RBI.

For the week ended November 14, reserves fell by $5.015 billion to touch $246.39 billion.

According to RBI’s Weekly Statistical Supplement, foreign currency assets decreased by $550 million to $245.779 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.

A forex dealer attributed the decline in the reserves primarily to the strengthening of the dollar against the euro in the overseas markets.

Besides, sustained dollar selling in the forex market by the Reserve Bank of India to support the rupee led to a fall in reserves, the dealer added.

Gold reserves, SDRs and the reserve position in the IMF remained unchanged at $8.3 billion, $3 million and $443 million respectively.

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