India's forex reserves tumble to $292 bn in week ended Jan 17: RBI

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India's forex reserves tumble to $292 bn in week ended Jan 17: RBI
India's foreign exchange reserves declined sharply in the week ended January 17 as the Reserve Bank of India (RBI) sold dollars in a bid to support the Indian rupee amidst strong dollar demand from oil importers.

The country's foreign exchange reserves fell by USD 1.205 billion to USD 292.082 billion in the week ended January 17, 2014 due to a decline in core currency assets, data from the Reserve Bank of India showed on Friday.

In the week ended January 10, 2014, the country's foreign exchange reserves stood at USD 293.287 billion. Foreign currency assets (FCAs), which are the major part of the overall forex reserves fell sharply to USD 1.209 billion to USD 265.935 billion in the week ended January 17, 2014.

FCAs which are expressed in dollar terms include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in reserves.

The value of India's gold reserves were unchanged at USD 19.72 billion in the week ended January 17, 2014.The value of special drawing rights rose by USD 2.4 billion to USD 4.448 billion while India's reserve position with the IMF dropped by USD 1.2 million to USD 1.994 million in the week ended January 17, 2014.

Dion Global Solutions Ltd.

Story first published: Monday, January 27, 2014, 9:13 [IST]
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