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Forex reserves drop $950 m

MUMBAI: India's foreign exchange reserves decreased by $950 million to stand at $144 billion during the week ended December 23 against $145 billion during the preceding week.

These reserves had increased by $1.057 billion during the preceding week ended December 16 as compared to the week ago period. Foreign currency assets decreased by $607 million to $138.209 billion during the week ended December 23, according to figures released by the Reserve Bank of India.

Foreign currency assets in dollars include the effect of revaluation of non-U.S. currencies such as Euro, British pound sterling, and Japanese yen held in reserves.

Reserve position in the IMF decreased by $343 million to $911 million.

Gold reserves and Special Drawing Rights (SDRs) remained static at $4.925 billion and $5 million respectively, it added. — PTI

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