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Our Bureau

Mumbai , Oct. 20

Forex reserves fell by $324 million to $164.95 billion for the week ended October 13, due to a drop in foreign currency assets and the country's reserve position with the IMF.

In the previous week, reserves had fallen $30 million to $165.275 billion.

Foreign currency assets fell by $205 million to touch $158.105 billion during the week, according to RBI's Weekly Statistical Supplement. The reserve position in IMF also fell by $119 million to $643 million.

Major currencies such as the euro and the yen depreciated against the dollar during the week under consideration. The euro fell from $1.2605 to $1.2557. However, there were FII inflows of $539 million into the equity market.

Gold reserves were unchanged at $6.202 billion and Special Drawing Rights remained at $1 million.

Next week could see oil prices rising as OPEC is looking to cut oil output. This could lead to currencies such as rupee and yen appreciating against the dollar, said a treasury official.

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Forex reserves fall $324 m

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