The Hindu Business Line : Forex reserves down $1.56 b

Mumbai, June 6 The foreign exchange reserves fell by around $1.56 billion to $ 314.614 billion for the week-ended May 30. In the previous week, the reserves had surged by $2.090 billion.

According to the RBI’s Weekly Statistical Supplement, foreign currency assets fell by $1.328 billion to $304.87 billion during the week under consideration.

Gold reserves also dropped by $225 million to $9.20 billion.

According to treasury officials, the fall in the reserves may have been due to FII outflows as well as due to currency revaluation effect. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

SDRs remained unchanged at $11 million while the country’s reserve position in the IMF fell by $4 million to $526 million.

Treasury officials said that the rupee’s movement next week would depend on the price of global crude.

“If the price of global crude heads down to $135 per barrel from the current $130 per barrel, then the rupee could depreciate,” said a forex dealer.

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