The country's foreign exchange reserves declined by $621 million to $316.605 billion during the week ended August 12, according to the Reserve Bank of India's Weekly Statistical Supplement .

This is the second week in a row that forex reserves have declined.

In the week ended August 5, the reserves had declined by $1.864 billion to $317.226 billion.

The decline in reserves is mainly on account of currency revaluation.

In the week under consideration the foreign currency assets fell by $652 million to $283.667 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. In the week the euro depreciated slightly against the dollar.

Gold was unchanged at $25.349 billion.

SDRs increased by $19 million to $4.614 billion. The reserves position in the IMF increased by $12 million to $2.975 billion.

comment COMMENT NOW