Friday 31 October 2008

Forex kitty shrinks by USD 15-billion

Forex reserves fell by a whopping USD 15.4-billion for the week ended October 24 to USD 258.415 billion as compared to USD 273.886 billion in
the previous week, the biggest fall in over eight years.

The reserves had fallen by USD 118-million for the week ended October 17 and by USD 9.937-billion in the preceedings week.

The fall in reserves comprised a USD 15.467 billion decline in the foreign currency assets (FCA)during the period, which fell to USD 249.394-billion from USD 264.861 billion in the previous week, Reserve Bank said in its weekly report on Friday.

FCAs expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the Euro, Sterling and Yen held in reserves.

During the week, the gold reserves stood unchanged at USD 8.565-billion while country's special drawing rights climbed USD 5 million to USD 9-million, the RBI data said.

India's reserve position in the International Monetary Fund (IMF) further fell by USD 9-million during the week to to USD 447-million from USD 456 million in the previous week, the RBI said.

Source: EconomicTimes

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