India’s forex reserves down by $2.59 billion

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Mumbai, Jan 11 (IANS) India’s foreign exchange (forex) reserves declined by $2.59 billion to $293.10 billion for the week ended Jan 3, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by $204.9 million to $295.70 billion for the week ended Dec 27.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by $1.68 billion to $266.95 billion.

The foreign currency assets had risen by $164.3 million to $268.63 billion in the previous week.

According to the RBI, the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) decreased by $27.8 million to $4.43 billion during the week under review. India’s reserve position with the International Monetary Fund (IMF) was down by $12.5 million to $1.99 billion.

The value of India’s gold reserves declined by 878.6 million to $19.72 billion.

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