India's Forex Reserves Plunge by USD 4.67 Billion
The country's foreign exchange reserves fell by a whopping USD 4.67 billion to USD 302.1 billion in the week ending December 16 on the back of a dip in foreign currency assets, the Reserve Bank said here today.
Foreign currency assets, the biggest component of the forex reserves, were down USD 4.668 billion to USD 266.968 billion for the reporting week, the Reserve Bank said in its weekly data released this evening. 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 gold reserves remained unchanged at USD 28.041 billion, the apex bank said. The country's special drawing rights (SDRs) were down USD 54 million to USD 4.439 billion while the reserve position in the International Monetary Fund went up by USD 47 million to USD 2.652 billion, the data said. The total foreign exchange reserves had slipped by USD 69 million to USD 306.775 billion in the previous reporting week.
Source : moneycontrol.com
CAclubindia
