Forex reserves up nearly $1.9 billion at $248 billion news
06 December 2008

Foreign exchange reserves with the Reserve Bank of India rose $1.887 billion to $247.686 billion for the week ended 28 November, for the first time in several weeks.

This is the first time since the week-ended 19 September this year, when reserves have gone up. For the week ended 19 September forex reserves rose $153 million to $291.97 billion.

According data released by RBI, foreign currency assets rose $1.99 billion to $238.97 billion during the week. India's reserve position in the IMF rose $411 million to $854 million while special drawing rights (SDRs) remained unchanged at around $3 million. Gold stocks were down $521 million at $7.86 billion.

India's foreign exchange reserves has been on a decline for more than two months in the past, following a steady outflow of capital funds from the stock markets.

The current rise is partly due to revaluation of currency following a fluctuations in the value of the dollar against the euro, yen and other currencies during the period, and lesser intervention by the Reserve Bank of India (RBI) in the foreign exchange market.

India's foreign exchange reserves have declined by $25.8 billion in the past year.


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Forex reserves up nearly $1.9 billion at $248 billion