Money & Banking

Forex reserves fall $755 m to $301.83 b

Our Bureau Mumbai | Updated on March 18, 2011

After rising for three weeks in a row, the country's foreign exchange reserves fell by $755 million to $301.838 billion for the week ended March 11, according to the Reserve Bank of India's Weekly Statistical Supplement.

In the earlier week ended March 4, the reserves had increased by $1.807 billion to $302.593 billion.

The fall in reserves is mainly on account of changes in currency valuation. In the week under consideration foreign currency assets fell by $705 million to $272.259 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, sterling and yen, held in reserves. During the week, the euro declined from 1.402 to 1.377 against the dollar.

Gold reserves were unchanged at $22.143 billion. SDRs fell by $35 million to $5.169 billion. The reserve position in the IMF fell by $15 million to $2.267 billion.

Published on March 18, 2011

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