Forex reserves slide $310 m

Mumbai, Nov 18 | Updated: Nov 19 2005, 06:21am hrs
The countrys foreign exchange reserves posted a marginal decline of $310 million during the week ended November 11, 2005, to stand at $142.308 billion. Comparatively, the total forex reserves had stood at $142.618 billion in the preceding week.

According to the weekly statistical supplement (WSS) released by the Reserve Bank of India (RBI), the reserves fell on account of a fall in the foreign currency assets and a decline in the countrys reserve tranche position with the International Monetary Fund (IMF).

While foreign currency assets posted a decline of $297 million to $136.123 billion, the countrys RTP fell by $13 million to $1.317 billion, during the reporting week. Special drawing rights and gold deposits remained static at $4 million and $4.864 billion during the week, said the RBI. The RBI also said that loans and advances to the state government declined by Rs 76 crore during the reporting week to stand at Rs 58 crore, while those to the central government showed a nil balance.