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Rediff News  All News  » Business » Forex reserves dip for second week

Forex reserves dip for second week

December 28, 2013 10:21 IST

India's foreign exchange reserves declined for the second consecutive week to $295.50 billion, down $12.6 million, in the week ended December 20, the Reserve Bank said.

After five weeks of gains, courtesy special swap window opened by RBI, the reserves had declined 192.8 million to $295.51 billion in the previous reporting week.

Foreign currency assets (FCAs), which form a major part of the overall reserves, decreased by $94.7 million to $268.469

billion for the week under review, it said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in reserves.

During the week, the gold reserves were unchanged at $20.603 billion, the apex bank said.

The special drawing rights declined by $9.1 million to $4.431 billion, while there was a $91.2 million spike in India's reserve position with the IMF at $1.999 billion during the period, the RBI data showed.

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