News: Indian forex reserves down $126 m

(BL 12/05/2007) Mumbai - Forex reserves have gone down $126 million to $204.009 billion for the week ended May 4 on weakening of non-dollar currencies against the dollar.

Forex reserves had gone up by $254 million to $204.135 billion for the week ended April 27.

Foreign currency assets decreased $377 million to $196.500 billion, said the RBI's Weekly Statistical Supplement.

Foreign currency assets, as expressed in dollars, include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves.

"Currencies like the euro weakened against the greenback which is reflected in the country's forex kitty," said a dealer at a private bank.

Gold reserves increased $252 million to $7.036 billion while SDRs remained unchanged at $11 million. The country's reserve position in the IMF dropped $1 million to $462 million.