Forex reserves slip to $118.31 billion

For the second week in a row, India's foreign exchange reserves fell by a whopping $1.25 billion to $118.31 billion for the week ended July 30.

The sale of dollar by the central bank to check slide in the value of the rupee, demand for the dollar to make import payments and revaluation of the US dollar against other international currencies led to the sharp drop in reserves, analysts said.

Last week, the foreign exchange reserves had declined by $1.53 billion.

The foreign exchange reserves as on July 30 stood at $118.319 billion.

The foreign currency assets were also down by $1.248 billion at $112.967 billion for the week ended July 30, according to the Reserve Bank of India's weekly statistical supplement released on Saturday.