Monday, February 18, 2008

Forex Reserves Fall $1.86 Billion

Mumbai: The foreign exchange reserves slipped by $1.86 billion to $290.8 billion for the week-ended February 8, owing to a fall in foreign currency assets. Last week, the reserves had gone up by $4.36 billion to $292.67 billion. Foreign currency assets dropped by $1.86 billion to $281 billion in the week ended February 8.

There could have also been a slight revaluation effect as the euro and the pound depreciated against the dollar. The euro fell from $1.48 to $1.44 and the pound also depreciated from $1.97 to $1.94 during the week under consideration. Foreign currency assets, as expressed in dollars, include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves. The gold reserves and SDRs remained unchanged at $9.19 billion and $9 million, respectively. The country''s reserve position in IMF plummeted by $6 million to $417 million.

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