Forex reserves down

16 May 2005

The country's foreign exchange reserves fell for the second consecutive week on currency revaluation and decrease in gold reserves.

For the week ended May 6, forex reserves fell by $423 million.

The reserves stood at $141.475 billion for the week ended May 6, against $141.898 billion in the previous week.

Foreign currency assets moved down $366 million to touch $135.584 billion for the week under review. Foreign currency assets expressed in dollar terms include the effect of appreciation / depreciation of non-US currencies such as the euro, the sterling and the yen.

Gold reserves fell $57 million to touch $4.443 billion. During the week ended May 6, the precious metal had moved down $6 per ounce to $425 on the London Metal Exchange.