8 Sep, 2007, 0222 hrs IST
Foreign exchange reserves declined marginally by $2 million during the week ended August 31 on account of a dip in valuation of gold in reserves and revaluation of non-dollar currencies in reserves vis-a-vis the dollar, reports Our Bureau in Mumbai. However, foreign currency assets rose $6 million during the week.
According to the latest figures released by the Reserve Bank of India on Friday in its weekly statistical figures, total foreign exchange reserves, including gold and SDR, came down by $2 million during the week ended August 31 to touch $228.8 billion.
While the value of gold in reserves dipped $6 million, foreign currency assets rose $4 million. The other components of reserves — SDR and reserves with the IMF remained unchanged during the week.
Reserves rose only marginally also because FII inflows were not too strong during the week. The reduction in forex reserves has resulted in a fall in money creation. Expressed in rupee terms reserves shrunk Rs 4,536 crore during the week.
This is reflected in the reserve money figures, of which net foreign exchange reserves with RBI is a major component. The reserve money, however, dipped Rs 2,267 crore largely on account of a dip in all major sources — net RBI credit to the government as well as net foreign exchange reserves and other components of reserve money.
In the other developments reported in the WSS, the government has vacated its ways and means advance (WMA) — a temporary advance to meet its revenue mismatches-account with the central bank.
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