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India's Forex reserves fall for the fourth week

By Religare
|

India's foreign exchange reserves fell for the fourth week on the trot led by a drop in the value of foreign currency assets, casting doubts over the outlook for Asia's third biggest economy amidst heightened global jitters such as probable US interest rate tightening later in the year, and the ongoing debt troubles in Europe.

Forex reserves fell by USD 1.03 billion to USD 353.33 billion in the week ended July 17, 2015, data from the Reserve Bank of India (RBI) showed.

 

In the week ended July 10, 2015, the country's foreign exchange reserves had fallen by USD 156.9 million to USD 354.360 billion from the prior week.

Foreign currency assets, which are expressed in dollar terms and include the effect of appreciation or depreciation of non US currencies such as euro, pound and yen held in reserves, fell by USD 982.1 million to USD 328.93 billion in the week ended July 17, 2015 from the previous week, the RBI added.

Foreign currency assets are the biggest component of the overall forex reserves.

India's gold reserves stood unchanged at USD 19.074 billion in the week ended July 17, 2015 from the previous week, data showed.

A robust forex reserves kitty is needed to help India overcome any possible volatility in foreign capital flows on account of US monetary tightening likely this year.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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