Our Bureau Mumbai, March 1
India’s foreign exchange reserves further dropped $1.602 billion in the week ending February 22, 2013, to $291.916 billion, according to Reserve Bank of India. In the previous reporting week, total reserves had slumped $1.02 billion in the week ended February 15 to $293.51 billion.
During the week under review, the reserves fell on the back of a significant dip in Foreign Currency Assets (FCAs) by $1.556 billion to $ 258.228 billion. Besides FCAs, the reserves also include gold, special drawing rights (SDRs) and reserve position in the International Monetary Fund. India’s gold reserves remained unchanged at $26.97 billion. SDRs were down $29.9 million to $4.376 billion and the country’s reserve position in IMF was down $16 million to $2.335 billion. (Source: The Hindu Businessline)