Saturday, January 17, 2009

Forex Reserves Fall $481 Million - Jan 17, 2009

For the week ended 9 January, the foreign exchange reserves slipped by $481 mn to $254.759 bn. However, the reserves have witnessed a fall after increasing for four consecutive weeks. For the week ended January 2, the reserves grew by $627 mn to touch $255.240 bn.

According to the figures released by the Reserve Bank of India in its Weekly Statistical Supplement, the foreign currency assets dropped by $458 mn to $245.417 bn. The fall in assets is due to revaluation of the reserves, with the dollar gaining against other currencies in the overseas markets, said a dealer with a private bank. However, the gold reserves and the SDRs remained unchanged at $8.485 bn and $3 mn while the reserve position in the IMF slipped by $23 mn to $854 mn.

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