Foreign reserves fall by $691 m to $311.8 bn

Banking Bureau Posted online: Mumbai, Jul 4 IST Saturday , July 05, 2008 at 2320 hrs The country’s foreign-exchange reserves fell by $691 million to $311.8 billion in the week ended June 27, the central bank said. Foreign-currency assets declined $694 million to $302.05 billion during the week, the Reserve Bank of India said in its weekly statistical supplement, on Friday. Gold reserves were unchanged at $9.2 billion, while reserves with the International Monetary Fund rose by $3 million to $527 million. The nation’s special drawing rights with the International Monetary Fund remained unchanged at $11 million. The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, the yen, and other currencies during the period, the central bank said. India’s foreign-exchange reserves,... [read full story]