Forex reserves dip by $1.16 billion

Foreign exchange reserves dipped by a massive $1.16 billion for the week ended June 3, 2005.

The forex reserve now stands at $1,38,661, a fall of $1,168 million, during the week under review, according to the RBI's weekly stastical supplement release.

The foreign currency assets also took a hit, falling by $1,218 million to usd 1,32,730 million for the reporting week.

Gold reserves also fell by $67 million to $4,376 million while special drawing rights (sdrs) remained static at $4 million.

The country's reserve tranche position rose by $117 million to $1,551 million, it said.