Forex reserves down by $601 mn

India's forex reserves decreased by $601 million to stand at $162.659 billion during the week ended on July 14, 2006, as against $163.260 billion during the week ended July 7, 2006.

The reserves had increased by $348 million during the preceding week ended July 7, 2006, compared to a week ago period.

Foreign currency assets also decreased by $599 million to $155.716 billion during the seven-day period ended July 14, 2006, according to figures released by the Reserve Bank of India.

Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as euro, sterling, yen held in reserves.

Reserve position in the International Monetary Fund decreased by $2 million to $763 million.