This Article is From Dec 25, 2011

India's forex reserves slump by $4.67 billion

India's forex reserves slump by $4.67 billion

Toyota unveiled its Etios Motor Racing series at the Auto Expo 2012

Highlights

  • The value of special drawing rights (SDRs) fell by USD 54 million to USD 4.44 billion, while the value of gold reserves remained unchanged at USD 28.04 billion.
Mumbai:

India's foreign exchange reserves slumped by USD 4.67 billion to USD 302.1 billion for the week ended December 16, the lowest in nearly nine months due to a sharp drop in foreign currency assets, official data showed on Sunday.

 

The forex reserves kitty has registered a fall for the sixth of the last seven weeks. The reserves have declined by over USD 18 billion in the last seven weeks and are at their lowest level since March 2011.

 

Foreign currency assets, the biggest component of the forex reserves, fell by USD 4.66 billion to USD 266.96 billion for the week ended December 16, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

 

The RBI does not provide any reason for the change in the foreign currency assets.

 

It says the 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) fell by USD 54 million to USD 4.44 billion, while the value of gold reserves remained unchanged at USD 28.04 billion.

 

However, India's reserves with the International Monetary Fund ( IMF) rose by USD 47 million to USD 2.65 billion.