India's forex reserves down $2.99 bn at $277.16 billion

India's foreign exchange (forex) reserves decreased by $2.99 billion to $277.16 billion during the week ended 2 August, amidst huge outflows from the stock market and dollar sales by the Reserve Bank of India (RBI).

Foreign exchange reserves with the RBI had increased by $960.2 million to $280.16 billion during the week ended 26 July, according to data released by the central bank.

Foreign currency assets, the biggest component of foreign exchange reserves of the country, were down $2.15 billion at $249.89 billion, according to data provided by RBI's weekly statistical supplement.

Foreign currency assets had grown by $914.1 million to $252.05 billion in the previous week. Foreign currency assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen, RBI said.

Gold reserves, which had remained stagnant at $21.55 billion, after a plunge of $1.28 billion in the week ended 5 July, further fell by $808.5 million and stood at $20.74 billion in the week under review.

India's holdings of the International Monetary Fund's (IMF) special drawing rights (SDRs) declined by $21.4 million to $4.35 billion during the week ended 2 August 2013, while reserves with the IMF went down by $10.7 million to $2.17 billion.

The SDRs had increased by $30.8 million to $4.37 billion during the previous week, while reserves with the IMF were up by $15.3 million to $2.18 billion.