India's forex reserves down $167 mn

Mumbai, Oct 21 (IANS) India's foreign exchange (forex) reserves went down by $163.7 million to $294.87 billion for the week ended Oct 12, the Reserve Bank of India (RBI) data shows.

Forex went up by $227.3 million for the week ended Oct 5, and by $837.8 million to $294.81 billion for the week ended Sep 28.

However, foreign currency assets (FCA) - the biggest component of the forex reserves - fell $150.1 billion to $260.02 billion in the week under review, according to the weekly statistical supplement released by the RBI.

The FCA were up by $218.3 million to $260.17 billion for the week ended Oct 5.

India's central bank in a statement said that FCA in the US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

The value of gold reserves remained unchanged at 28.13 billion in the week ended Oct 12. The reserves had zoomed by $1.89 billion in the week ended Sep 28.

The special drawing rights (SDRs) decreased by $9 million to $4.44 billion during the week under review, while reserves with the International Monetary Fund (IMF) were down by $4.6 million to $2.26 billion.

The SDRs had decreased by $4.45 million to $6.00 billion for the week ended Oct 5, while India's reserves with the IMF were lower by $2.27 million to $3.00 billion in the previous week.