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India’s foreign exchange reserves dipped by $163.7 million to stand at $294.875 billion in the week ended October12.
In the reporting week, the fall in the reserves was mainly on account of the foreign currency assets declining by $150.1 million. This excludes the $790 million invested in foreign currency denominated bonds issued by IIFC (UK)
Foreign currency assets (FCA) expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, pound and yen) held in the reserves.
Besides FCA (outstanding: $260.026 billion), the other components of the forex reserves are: gold ($28.132 billion), special drawing rights ($4.447 billion) and reserve position in the International Monetary Fund ($2.268 billion).
While gold reserves remained unchanged during the week, special drawing rights and reserve position in the IMF were down by $9 million and $4.6 million, respectively.
Gold reserves include the purchase of 200 tonnes of gold from IMF on November 3, 2009.
Since December-end 2011, India’s forex reserves have declined by $1.812 billion.
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