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Our Bureau

Mumbai, Aug 2 Foreign exchange reserves fell by a meagre $504 million, to touch $306.603 billion, during the week ended July 25, according to the Reserve Bank of India’s Weekly Statistical Supplement. This is the second consecutive week that the forex reserves have declined.

In the earlier week, the reserves had fallen by $1.413 billion to touch $307.107 billion.

In the week under review, foreign currency assets fell by $502 million to touch $296.87 billion.

Gold and SDRs remained unchanged at $9.208 billion and $11 million respectively. The reserve position in the IMF fell by $2 million to $515 million.

Bank credit declined by Rs 720 crore to touch Rs 24,07,860 crore as on July 18, 2008.

Food credit declined by Rs 361 crore to Rs 50,360 crore, and non-food credit by Rs 359 crore to Rs 23, 57,500 crore.

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Forex reserves down by $504 m

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