Forex reserves decreased to $294.542 billion

The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week

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 According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $611.90 million to $294.542 billion during the week ended February 08, 2013. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week.

Valuation of foreign currency assets decreased $542.80 million in the week to $260.780 billion while the value of gold in the reserves remained unchanged in the week to $26.974.90 billion during the week.

SDRs’ (Special Drawing Rights) valuation decreased $31.20 million to $4.425 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively.

The country’s reserve position in the IMF further witnessed a drop of $37.90 million during the week ended February 08, 2013 to $2.361 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.