Forex reserve went down for 5th week by $2.75 billion: RBI

Con­tin­u­ing its down­ward trend for the fifth con­sec­u­tive week, the for­eign exchange reserves went down by $2.754 bil­lion to $311.427 bil­lion in the week to Octo­ber 3, led by a major fall in non-US cur­ren­cy assets, accord­ing to data released by the RBI on Friday.

In the week to Sep­tem­ber 26, reserves went down by $1.415 bil­lion to $314.181 bil­lion. In the week to July 25, 2014, the reserves had touched $320.56 bil­lion, just short of the life-time high of $320.79 bil­lion on Sep­tem­ber 2, 2011. In the report­ing week, for­eign cur­ren­cy assets, a major con­stituent of over­all reserves, decreased by $1.803 bil­lion to $285.588 bil­lion, RBI said.

For­eign cur­ren­cy assets, expressed in dol­lar terms, include the effect of appre­ci­a­tion and depre­ci­a­tion of non-US cur­ren­cies such as the euro, pound and yen held in reserves. After remain­ing unchanged for a cou­ple of weeks, the coun­try’s gold reserves dropped by $919.7 mil­lion to $20.013 bil­lion. Spe­cial Draw­ing Rights (SDRs) were down by $22.8 mil­lion to $4.284 bil­lion, while the coun­try’s reserve posi­tion with the IMF dipped by $8.2 mil­lion to $1.540 bil­lion dur­ing the week, the RBI data showed.

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