Forex reserves fall $1 bn in a week

After a marginal rise last week, India’s foreign exchange reserves fell by $1.09 billion for the week ending August 23 to $ 277.72 billion, the Reserve Bank of India (RBI) data released on Friday showed.

 

In the previous week ended August 19 the reserves rose by $205.8 million to $278.81 billion.

 

The fall in reserves was due to foreign currency assets falling by $1.08 billion during the week to $250.48 billion. The fall was due to RBI's intervention in the currency market to arrest the rupee depreciation against the dollar.

 

During the week gold reserves remained unchanged at $ 20.75 billion. For the week under review, the Special Drawing Rights (SDRs) fell by $4.5 million to $4.39 billion. The reserve position at International Monetary Fund (IMF) fell by $2.2 million to $2.10 billion.