The Hindu Business Line : Forex reserves drop by $278 m

According to Reserve Bank of India's Weekly Statistical Supplement, total foreign exchange reserves decreased to $145.277 billion against the earlier week's total of $145.55 billion. Forex reserves had increased by over $1 billion in the earlier week.

Foreign currency assets for the same period fell by $269 million to touch $139.290 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, sterling and yen) held in reserves. Gold was unchanged at $4.535 billion. Special drawing rights were at the same level of $4 million and India's reserve position in the International Monetary Fund (IMF) fell by $9 million to touch $ 1.448 billion.

The reason for the slight dip in the forex reserves could be that non-US dollar currencies such as the euro and yen declined against the greenback, coupled with the lack of dollar-buying by RBI, said a chief of treasury at a private bank.

According to figures from SEBI, the foreign institutional inflow into the equity market for the week under review was $186 million. During the same period, the rupee was range-bound between 43.81 and 43.89. In the coming week, the rupee is likely to decline and may trade between 44.50 and 44.10.

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