Friday, December 28, 2007

Forex reserves decline by USD 232 mn

Forex reserves witnessed a decline of USD 232 million to touch USD 272,722 million as on Dec. 21, 2007, primarily as a result of drop in foreign currency and assets collections, on a weekly basis.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Dec. 28, 2007, foreign currency and assets dropped USD 230 million to USD 263,934 million.

During the same period, the reserve position in the international monetary fund (IMF) decreased by USD 2 million to USD 428 million.

However, SDRs (special drawing rights) and gold reserves remained flat at USD 3 million and USD 8,357 million respectively.

Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves.

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