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Forex reserves dip by $4 bn to $293.98 bn

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Press Trust of India Mumbai

The country's foreign exchange reserves fell by over $4 billion to $293.98 billion on the back of a heavy fall in foreign currency.

The country's total forex kitty stood at $297.99 billion the week before and this is the second consecutive weekly fall.

Foreign currency assets, a major component of the forex kitty, fell by $3.92 billion to $265.55 billion for the week ended November 26, data released by the Reserve Bank today showed.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

 

The country's gold reserves remained static for the third consecutive week at $21.67-billion, the apex bank said.

India's Special Drawing Rights (SDRs) were down by $62-million to $5.082-billion for the week, while the country's reserve position in the International Monetary Fund also slipped by $24 million to $1.97 billion, the apex bank data showed.

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First Published: Dec 03 2010 | 9:12 PM IST

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