Forex reserves dip by $1.16 B

By agencies   |   Saturday, 11 June 2005, 19:30 IST
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NEW DELHI: Hit by the revaluation of international currencies, India's foreign exchange reserves dipped by a massive $1.16 billion for the week ended June 3, 2005. The forex reserve now stands at $ 1,38,661, a fall of $ 1,168 million, during the week under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. India’s foreign exchange reserves had increased in the week ended May 27, 2005 after registering a decline for the previous four weeks. Analysts have blamed the fall in reserves on the revaluation of international currencies. The foreign currency assets also took a hit, falling by $1,on 32,730 million for the reporting week. Gold reserves also fell by $67 million to $ 4,376 million while Special Drawing Rights (SDRs) remained static at $ 4 million. The country’s reserve tranche position rose by $ 117 million, it said. Loans and advances to the state government decreased by Rs 7.12 billion to Rs 1.83 billion while that to the central government showed a nil balance.