India’s foreign exchange reserves further declined by $1.341 billion to $290.574 in the week ending March 1, according to Reserve Bank of India data. The reserves had fallen by $1.60 billion to $291.91 billion in the previous reporting week ending February 22. During the week under review, the fall in reserves was mainly on account of gold reserves and foreign currency assets (FCA) declining by $682.6 million and $621.1 million, respectively. Besides FCA and gold, the reserves also include special drawing rights (SDRs) and reserve position in the International Monetary Fund. SDRs and reserve position were down $24.8 million and $13.2 million.

beena.parmar@thehindu.co.in

(This article was published on March 8, 2013)
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