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RIBs repayments: forex reserves dip

MUMBAI OCT. 11. India's foreign exchange reserves have declined by $1.58 billion to $87.738 billion in the week ended October 3, following redemptions of State Bank of India's Resurgent India Bonds (RIBs) in the first week of this month.

Foreign currency assets have dropped by $1.788 billion to $83.815 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement issued here today.

The RBI, on October 1, had said that the foreign exchange outgo in RIBs redemption was equivalent to $5.18 billion. Out of the total sales of $5.18 billion, the central bank has utilised its forward foreign currency receivables of $2.79 billion and the balance $2.39 billion has been met from out of RBI's foreign exchange reserves, it had added.

The RBI, in its supplement, said gold reserves, however, swelled by $199 million to $3.919 billion while special drawing rights remained unchanged at $4 million. — PTI

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