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Forex reserves down $698 mn
January 24, 2004 17:12 IST
After three months of continuous upsurge, India's foreign exchange reserves recorded an outflow of $698 million to $103.12 billion during the week ended January 16, 2004.
The reserves fell by $698 million and stood at $103.126 billion, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
The foreign currency assets declined by $698 million to stand at $98.908 billion, the RBI said.
The revaluation of euro against US dollar in the global market and slowdown in FII investments impacted the reserves position, forex market sources said.
The forex reserves had, last witnessed an outflow of $1.589 billion for the week ending October three, 2003.
RBI said gold reserves and special drawing rights remained static at $4.215 billion and $3 million respectively during this period.
India's Reserve Tranche Position with the International Monetary Fund declined by $10 million to $1.316 billion, the central bank said adding the RTP may change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.