The Hindu Business Line : Forex reserves fall by $663 m

Mumbai, May 2 The country’s foreign exchange reserves fell by $663 million to $312.871 billion for the week ended April 25, according to the Reserve Bank of India’s Weekly Statistical Supplement.

In the previous week, the reserves had increased by $1.167 billion to touch $313.534 billion.

The foreign currency assets fell by $660 million to $302.328 billion in the week under review. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

The week did not see much change in the value of the foreign currencies, said a forex dealer with a private sector bank. The euro, which had touched a record high of $1.6019, ended the week lower at $1.5586 against the dollar.

In the week under consideration, the foreign inflow into the domestic equity market was only about $56.2 million, according to figures from SEBI.

Gold and SDRs remained unchanged at $10.039 billion and $18 million respectively.

The country’s reserve tranche position in the IMF fell by $3 million to $486 million.

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