India's forex reserves down by $676mn

India's foreign exchange reserves declined by $676 million for the week-ended June 24, 2005 due to revaluation of international currencies including dollar.

The forex reserves stood at $1,38,890 million, a drop of $676 million, during the week under review, according to Reserve Bank of India's weekly statistical supplement released today.

The foreign currency assets declined by $671 million to $1,32,942 million for the reporting week.

The rise in the inflows is mainly due to revaluation of global currencies including the US dollar, analysts said.

Gold reserves and Special Drawing Rights (SDRs) remained static at $4,376 million and $4 million respectively.

The country's reserve tranche position dropped by $5 million to $1,568 million, it said.

Loans and advances to the state government and to the central government showed a nil balance.