India's forex reserves dip $4.5 Billion
Tuesday, 03 February 2009, 02:54 IST   |    2 Comments
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India's forex reserves dip $4.5 Billion
Mumbai: As a result of the revaluation of assets and heavy pullout in foreign institutional investments, India's foreign exchange reserve (forex) declined by $4.56 billion to $247.62 billion during the week-ended January 23, 2009. As per a recent RBI data, foreign currency assets dropped by $4.54 billion to $238.30 billion during the week. Gold and special drawings rights have remained unchanged in the reserve, while the reserve position in the International Monetary Fund dropped by $15 million to $828 million. As net sellers in the equity market, foreign institutional investors (FIIs) have sold equities to the tune of $518 million during the week ended January 23. According o the foreign exchange dealers, the dip is mainly due to the revaluation of the euro. Foreign currency assets expressed in dollar include the impact of appreciation or depreciation of currencies such as the euro, sterling pound and yen in the reserves.
Source: IANS
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