India’s forex reserves dips by $2.99 billion
As per the Reserve Bank of India, the country’s foreign exchange reserves lowered by an immense USD 2.995 billion to USD 277.167 billion. Foreign currency assets which are a major component of the forex reserves, dropped USD 2.155 billion to USD 249.895 billion in the first weekend of August 2013.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as euro, pound and yen, held in the reserves.
The gold reserves dropped USD 808.5 million at USD 20.747 billion. The Special Drawing Rights (SDRs) were down by USD 21.4 million to USD 4.352 billion, while the country’s reserve position with the IMF also fell by USD 10.7 million to USD 2.171 billion.