India’s FX reserves at $310.687 bln on June 13

India’s FX reserves at $310.687 bln on June 13
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First Published: Fri, Jun 20 2008. 06 28 PM IST
Updated: Fri, Jun 20 2008. 06 28 PM IST
Mumbai: India’s foreign exchange reserves fell to $310.687 billion as on June 13, from $315.660 billion a week earlier, the central bank said in its weekly statistical supplement on 20 June.
Reserves rose to a record $316.171 in late May and analysts said the decline since then is due to dollar sales by the central bank in the currency market to prop up the rupee and giving foreign exchange to oil companies to meet their import payments.
The central bank said foreign currency assets, expressed in dollar terms, included the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen.
The foreign exchange reserves include India’s Reserve Tranche Position in the International Monetary Fund, the central bank said.
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First Published: Fri, Jun 20 2008. 06 28 PM IST