labels: RBI
India's forex reserves down $4.7 billion at $310.7 billion news
21 June 2008

Mumbai: Foreign exchange reserves of the country declined by $4.97billion to $310.7 billion during the week ended 13 June, regestering the biggest fall since December 2005.

Foreign-currency assets dropped $4.97 billion to $300.95 billion, RBI data showed.

Gold reserves were unchanged at $9.2 billion while reserves with the International Monetary Fund fell by $8 million to $519 million. Special drawing rights with the International Monetary Fund remained unchanged at $11mn.

Foreign-exchange reserves, including overseas currencies, gold and special drawing rights with the IMF, have increased $99.7 billion in the past year, the RBI said.

Money supply grew 21.4 per cent in the two weeks ended 6 June from a year earlier, compared with 22.5 per cent during the fortnight, according to RBI data.

M3, ie, currency in circulation, bank deposits and money invested in other saving plans, stood at Rs4,100,000 crore on 6 June.


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India's forex reserves down $4.7 billion at $310.7 billion