Foreign reserves fall $1.13 bn to $305.5 bn

Banking Bureau
Posted: 2008-08-09 00:27:11+05:30 IST
Updated: Aug 09, 2008 at 0027 hrs IST

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Mumbai, Aug 8: The country's foreign-exchange reserves fell $1.13 billion to $305.5 billion in the week ended Aug 1. Foreign-currency assets declined $1.65 billion to $295.2 billion during the week, the Reserve Bank of India said in its statistical weekly supplement in Mumbai.

Gold reserves rose $527 million to $9.74 billion, while reserves with the International Monetary Fund fell $3 million to $512 million. The nation's special drawing rights with the International Monetary Fund held at $11 million. The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, the yen and other currencies during the period, the central bank said. India's foreign-exchange reserves, including overseas currencies, gold and special drawing rights with the International Monetary Fund, have increased $76.1 billion in the past year, the bank said.