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India's forex reserves slump by $5.72 bn

Last Updated: Sunday, November 13, 2011 - 16:49

Mumbai: India's foreign exchange reserves dropped by USD 5.72 billion to USD 314.66 billion for the week ended Nov 4 due to decline in the value of gold reserves and foreign currency assets, official data showed.

The forex reserves kitty has declined for the first time in the last five weeks under review.

Foreign currency assets, the biggest component of the forex reserves kitty, declined by USD 3.87 billion to USD 280.57 billion for the week ended Nov 4, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The RBI does not provide any reason for the change in the foreign currency assets. It says the assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in the reserves.

The value of gold reserves slumped by USD 1.77 billion to USD 26.89 billion.

All the components of the forex reserves kitty registered decline during the week under review.

India's reserves with the International Monetary Fund (IMF) fell by USD 32 million to USD 2.64 billion and the value of special drawing rights (SDRs) declined by USD 54 million to USD 4.55 billion.

IANS

First Published: Sunday, November 13, 2011 - 16:49
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