Search:



The Web

Rediff








Home > Business > PTI > Report

Forex reserves down by $1.5 bn

July 31, 2004 14:34 IST

Reversing the trend of net inflows seen over the past three weeks, India's foreign exchange reserves dropped by a whopping $1.53 billion to $119.57 billion for the week ended July 23.

Revaluation of the US dollar against other international currencies and low inflows led to the sharp drop in reserves, analysts said.

The foreign exchange reserves stood at $119.57 billion as against the previous week's $121.11 billion.

The foreign currency assets were down by $1.52 billion at $114.21 billion, according to the Reserve Bank of India's weekly statistical supplement released on Saturday in Mumbai.

Gold reserves and Special Drawing Rights were static at $4.06 billion and $2 million respectively, the central bank said.


Article Tools
Email this article
Top emailed links
Print this article
Write us a letter
Discuss this article



Related Stories


Forex reserves cross $121 bn

Forex reserves cross $120 bn

Forex reserves rise by $700 mn








© Copyright 2004 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2004 rediff.com India Limited. All Rights Reserved.