Forex Reserves Drop $346 Mn with in a week Ending Aug 10

As on Aug 10, 2007, Forex reserves went down USD 346 million to USD 228.996 billion, mainly on the back of declension in foreign currency and assets accumulations on a weekly basis.

According to the RBI’s weekly statistical supplement released on Aug. 17, 2007 the foreign currency and assets decreased USD 221.653 billion.

The gold reserves and the IMF reserve position remained flat at USD 6,887 million and USD 455 million correspondingly during the same period.

In contrast, SDRs (special drawing rights) saw a loss of USD 11 million that reached USD 1 million for the week ended August 10.

Foreign currency assets that are expressed in USD terms comprise the effect of appreciation/depreciation of non-US currencies (such as Euro, Sterling and Yen) held in reserves.