India's forex reserves down by $ 430 million

India's forex reserves down by $ 430 million

By siliconindia staff writer   |   Monday, 30 August 2004, 07:00 Hrs
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MUMBAI: India's foreign exchange reserves fell further by USD 430 millions at USD 1,18,892 millions during the week ended August 20 after witnessing a marginal dip of USD 14 millions a week earlier.

The drop in foreign exchange reserves was mainly due to revaluation of the rupee vis-a-vis the US dollar.

The foreign currency assets during the period under review also dropped by USD 439 millions to USD 1,13,461 millions, the Reserve Bank of India said in its weekly statistical supplement released today.

Gold reserves and Special Drawing Rights remained static at USD 4,123 millions and USD one million respectively, the central bank said.

India's Reserve Tranche Position (RTP) with the International Monetary Fund increased by USD nine millions and stood at USD 1,307 millions, it said.

Loans and advances to the Central Government showed a nil balance while that to State Governments rose by 1,303 crores to Rs 3,507 crores, it added.

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