India’s Foreign Exchange Reserves down $286 million

India’s foreign exchange reserves decreased by $286.3 million to $337.79 billion for the week ended March 6, Reserve Bank of India (RBI) data showed. The reserves had increased by $3.88 billion to $338.07 billion for the previous week ended Feb 27. In the week ended Feb 20 the reserves were up by $1.02 billion to $334.19 billion.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, however, rose $122.4 million at $312.32 billion in the week under review. The foreign currency assets had risen by $3.90 billion at $312.20 billion for the previous week ended Feb 27. The foreign currency assets were up by $1.04 billion at $308.29 billion in the week ended Feb 20.

The RBI said 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. India’s reserve position with the International Monetary Fund (IMF) in the week ended March 6 decreased by $17.9 million and stood at $1.61 billion.

The value of special drawing rights (SDRs) was lower by $44.6 million in the week under review at $4.02 billion. Gold reserves for the week under review plunged by $346.2 million and stood at $19.83 billion. The gold reserves were static since the week ended Feb 6, when they had increased by $805.3 million at $20.18 billion. (IANS)

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