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Forex reserves decline to $43.559 billion

After being on the upswing for past several weeks, India's foreign currency reserves have declined by $37 million to $43.559 billion for the week ended July 13, 2001.

The foreign currency assets fell to $40.757 million, down by $37 million, in the reporting week, according to Reserve Bank of India's weekly statistical supplement. The gold reserves and special drawing rights stood at $2.798 billion and $4 million, respectively, remaining unchanged as compared to the previous week, RBI said. The foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies such as euro, sterling and yen. Loans and advances by RBI to central government decreased by Rs 67.98 billion in the week ended July 13 to Rs 104.69 billion, while that to the state governments fell by Rs 3.46 billion to Rs 44.78 billion, the apex bank added.

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