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Our Bureau

Mumbai , Jan. 12

The foreign exchange reserves fell by $666 million for the week ended January 5, due to depletion in foreign currency assets. The forex kitty now stands at $176.585 billion.

In the previous week, the reserves had surged by $1.018 billion to $177.251 billion.

According to the Reserve Bank of India's weekly statistical supplement, foreign currency assets fell by $665 million to $169.522 billion. Foreign currency assets expressed in dollars include the effect of appreciation or depreciation in non-US currencies (such as euro, sterling and yen) held in reserves.

A treasury official said the forex reserves could have fallen due to the revaluation effect. The euro had depreciated to $1.3098 from $1.3564 during the week under review. "The dollar gained against the euro as the view is that the US Federal Reserve will keep interest rates untouched. With the US economy growing, a cut in rates has been ruled out," said the treasury official.

Gold and SDRs remained unchanged at $6.517 billion and $1 million, respectively.

During the week under consideration, the country's position in the IMF fell by $1 million to $545 million.

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