India’s forex reserves dip

INDIA's foreign exchange (forex) reserves fell by $2.238bn to $570.74bn for the week ended August 12, the RBI data showed.

India's forex reserves have declined sharply in recent weeks as the RBI sold dollars to defend the rupee. There was a sharp drop in the foreign currency assets during the week under review.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.

All other components of the country's forex reserves rose during the week under review. The value of gold reserves rose by $305m to $40.618bn during the week ended August 12.