India's forex reserves decline by USD 4 bn to USD 293.98 bn
December, 04th 2010
The country's foreign exchange reserves fell by over USD 4 billion to USD 293.98 billion on the back of a heavy fall in foreign currency. The country's total forex kitty stood at USD 297.99 billion the week before and this is the second consecutive weekly fall.
Foreign currency assets, a major component of the forex kitty, fell by USD 3.92 billion to USD 265.55 billion for the week ended November 26, data released by the Reserve Bank on Friday showed.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
The country's gold reserves remained static for the third consecutive week at USD 21.67-billion, the apex bank said. India's Special Drawing Rights (SDRs) were down by USD 62-million to USD 5.082-billion for the week, while the country's reserve position in the International Monetary Fund also slipped by USD 24 million to USD 1.97 billion, the apex bank data showed.