India's forex reserves down $2.82 bn at $287.85 bn
29 Jun 2013
Foreign exchange reserves of the country dropped sharply by $2.82 billion to $287.85 billion in the fortnight ended 21 June 2013, mainly due to a flight of foreign exchange that led to a sharp decline in the value of the Indian rupee, the Reserve Bank of India (RBI) said on Friday.
Total reserves with the RBI had gone up by $982 million in the previous reporting week.
Foreign currency assets, a major component of forex reserves, were down $2.66 billion at $258.43 billion for the week ended 21 June, RBI data showed.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen, held in the reserves, RBI said.
The gold reserves were unchanged at $22.836 billion.
Special drawing rights (SDRs) with the RBI were down by $28.3 million at $4.372 billion, while the country's reserve position with the IMF declined by a whopping $128.4 million to $2.204 billion.
