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Our Bureau

Mumbai May 18 Forex reserves have dropped $18 million to $203.991 billion for the week-ended May 11 on weakening of non-dollar currencies against the dollar.

Forex reserves had gone down $126 million to $204.009 billion for the week ended May 4.

Foreign currency assets decreased $7 million to $196.493 billion, said the RBI's Weekly Statistical Supplement.

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

"Dollar has gained against overseas currencies like yen, euro and pound. The market does not expect any cut in interest rates in the US. The US economy is also doing better than market expectations," said a dealer at a private bank.

Gold reserves remained unchanged at $7.036 billion while SDRs decreased $10 million to $1 million. The country's reserve position in the IMF dropped $1 million to $461 million.

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