The foreign exchange reserves fell by $1.97 billion to $295.309 billion for the week closed August 29, according to figures released by the Reserve Bank of India in its Weekly Supplement. The reserves were pulled down by a fall in the value of gold and fall in foreign currency assets. The fall in the value of the gold reserves was due to the decline in international gold prices. Gold prices have declined by more than $100, from $938 an ounce on July 1 to $810 an ounce on Sept 5. For the week ended August 22, foreign exchange reserves had increased by $1.076 billion to reach $297.286 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.
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