India’s forex reserves down by $192 million

Mumbai, Dec 21: India’s foreign exchange (forex) reserves decreased by $192.8 million to $295.51 billion for the week ended Dec 13, Reserve Bank of India (RBI) data showed.

The reserves had soared by $4.40 billion to $295.70 billion in the week ended Dec 6, 2013.

Foreign currency assets, the biggest component of the forex reserves, fell by $191.1 million to $268.56 billion in the week under review, according to the RBI’s weekly statistical supplement.

Foreign currency assets had increased by $5.01 billion to $268.75 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) fell by $1.2 million to $4.44 billion during the week under review.

India’s reserve position at the International Monetary Fund (IMF) declined by $0.5 million to $1.90 billion for the week ended Dec 13, 2013.

However, the value of India’s gold reserves remained the same. The reserves had come down by 624.2 million at $20.60 billion during the week ended Dec 6, 2013.

IANS