Date:07/11/2009 URL: http://www.thehindubusinessline.com/2009/11/07/stories/2009110751410600.htm

Back Forex reserves fall $1.1 billion

Our Bureau

Mumbai, Nov. 6 Foreign exchange reserves fell $1.129 billion to $284.391 billion for the week ended October 30, according to the Reserve Bank of India’s weekly statistical supplement.

The reserves have fallen after rising for four consecutive weeks.

For the week ended October 23, the reserves increased by $684 million to $285.520 billion.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.

“The fall in the reserves was mainly on account of revaluation of reserves. The dollar had weakened against other major currencies in the week under review,” said a dealer with a public sector bank.

In the week under consideration, the foreign currency assets decreased $1.580 billion to $266.768 billion.

Gold reserves rose $484 million at $10.8 billion. SDRs were down by $25 million at $5.242 billion. The reserve position in the IMF fell by $8 million to $1.581 billion.