India's forex reserves
India's foreign exchange (forex)
reserves declined by $1.86 billion to $317.22 billion for the week
ended Aug 5 after surging to an all-time high of $319.08 billion in the
previous week, official data showed.
The forex reserves had risen
sharply during the recent weeks due to valuation gains in gold and
non-US currency reserves, especially euro.
The foreign exchange
kitty has declined for the fist time in the last three weeks under
review due to a sharp drop in the value of foreign currency assets.
Foreign
currency assets, the biggest component of the forex reserves kitty,
dropped by $1.84 billion to $284.31 billion during the week ended Aug 5,
according to the weekly statistical supplement of the Reserve Bank of
India (RBI).
The foreign currency assets expressed in US dollar
terms include the effect of appreciation or depreciation of non-US
currencies such as the pound sterling, euro and yen held in reserve.
The
value of special drawing rights (SDRs) dropped by $14 million to $4.59
billion and reserves with the International Monetary Fund fell by $9
million to $2.96 billion.
The value of gold reserves remained
unchanged at $25.34 billion. Gold reserves had risen to an all-time high
during the previous week due to valuation gain.
