Forex Reserves Declines $2 Mn To $228,847 Mn

Foreign CurrencyOn the back of increase in foreign currency and assets collections, forex reserves have declined $2 million to $228,847 million as on Aug. 31, 2007.

According to the Reserve Bank of India (RBI) weekly statistical supplement released on Sept.7, 2007, foreign currency and assets came up to USD 4 million on the back of USD 221,509 million increase.

Alternatively, gold reserves moved down at USD 6 million that reached USD 6,881 million.

In the same period, SDRs (special drawing rights) and reserve position in the IMF remained flat at USD 2 million and USD 455 million correspondingly.

Foreign currency assets expressed in USD terms comprise the outcome of admiration and reduction of non-US currencies including Euro, Sterling and Yen, held in reserves.