The country?s foreign exchange reserves declined $371 million to $312.5 billion in the week ended May 2, the Reserve Bank said. Foreign-currency assets rose $248 million to $302.6 billion, the apex bank said in its weekly statistical supplement (WSS), in Mumbai.
Gold reserves fell by $612 million to $9.4 billion while the nation?s reserves with the International Monetary Fund declined $7 million to $479 million. The special drawing rights with the IMF remained unchanged at $18 million. The change in foreign currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, the central bank said. India’s foreign-exchange reserves have risen $108.5 billion in the past year. The reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund. Meanwhile, India?s money supply growth or M3 grew 21.2% in two weeks to April 25 from a year earlier, the central bank said. M3, which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood at $966 billion on April 25, the RBI said.
