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Forex reserves decline to $44.704 billion

India's foreign currency reserves have dipped below the $45 billion mark with a fall of $584 million for the week ended September 21, 2001.

The foreign currency assets declined sharply by $584 million to $44.704 billion in the reporting week, according to the Reserve Bank of India's weekly statistical supplement in Bombay on Saturday.

The decline could be a result of RBI operations in the forex market, analysts said.

The country's gold reserves remained static at $2.817 billion while special drawing rights remained unchanged at $4 million.

The foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies such as Euro, Sterling and Yen.

The loans and advances by RBI to central government fell by Rs 75.66 billion to Rs 12.23 billion while that to the states increased by Rs 20.46 billion to Rs 61.54 billion, RBI said.

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