India’s foreign exchange reserve fell by $165 million to $249.52 billion during the week ended February 20, 2009, due to revaluation in foreign currency. According to the Reserve Bank of India (RBI) data, the foreign exchange assets dipped by $156 million to $239.82 billion.
During the week, gold and special drawing right remained unchanged in the reserve. Reserve position in the International Monetary Fund reduced by $9 million to $821 million.
Forex reserve has dipped sharply after touching a high of $316.17 billion on May 23, 2008. The rupee has depreciated by 20 per cent during the week under review. The reserve is expected to fall further with the rupee depreciating against the US dollar and other currencies and the market expecting RBI to resume intervention in the forex market to check a steep fall.
In rupee terms, the reserve fell by Rs 26,387 crore to Rs 12,43,154 crore in the week.
