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Forex reserves drop $3.7 b

MUMBAI: India's foreign exchange reserves dropped by $3.7 billion during the week ended September 16. These reserves stood at $144.22 billion, a fall of $3.787 billion, according to the Reserve Bank of India's weekly statistical supplement.

Foreign currency assets also decreased by $1.047 billion to stand at $138.24 billion, the RBI said.

Revaluation

The fall in inflows was primarily due to revaluation of non-U.S. foreign currencies such as euro, British pound sterling and the Japanese yen, analysts said.

Gold reserves and special drawing rights (SDRs) remained static at $4.535 billion and $4 million respectively, it said.

The country's reserve tranche position decreased by $8 million to $1.440 billion. — PTI

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