India's forex reserves down $1.20 billion

India's forex reserves down $1.20 billionMumbai, Jan 25 : India's foreign exchange (forex) reserves decreased by $1.20 billion to $292.08 billion for the week ended Jan 17, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had increased by $177.8 million to $293.28 billion for the week ended Jan 10.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by $1.20 billion to $265.93 billion. The foreign currency assets had risen by $190.3 million to $267.14 billion in the previous week.

RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) increased by $2.6 million to $4.42 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) grew by $1.2 million to $1.99 billion.

The value of India's gold reserves remained stagnant at $19.72 billion. (IANS)