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Mumbai: After falling for five straight weeks,
India's foreign exchange reserves grew by $1.52 billion to $287.37
billion for the week ended June 8, 2012, official data showed.
The reserves had plunged by $2.40 billion to $285.85 billion for
the week ended June 1, apparently due to the Reserve Bank of India
(RBI) selling dollars to defend the rupee.
The reserves had declined by $1.74 billion and $1.80 billion
respectively in the previous two weeks of June 1, 2012.
The RBI was believed to have sold dollars during these weeks to
curb the slide in the rupee's value.
The partially convertible rupee slumped to a record low of 56.52
against the US dollar on May 31.
It has weakened sharply in the last two months due to increased
demands from oil importers and outflow of money by the foreign
institutional investors (FIIs) as poor GDP (gross domestic
product) growth data dampened sentiment in the Indian markets.
Foreign currency assets, the biggest component of the forex
reserves kitty, grew $1.49 billion to $254.59 billion during the
week ended June 8, according to the RBI's weekly statistical
supplement.
The RBI did not provide any reasons for the change in foreign
currency assets.
It said the assets expressed in US dollar terms included the
effect of appreciation or depreciation of non-US currencies such
as the pound sterling, euro and yen held in reserve.
The value of gold reserves remained the same during the week under
review. The value had declined in the week ended June 1, 2012 by
$1.03 billion to $25.58 billion.
The value of special drawing rights (SDRs) grew by $13.3 million
to $4.35 billion and India's reserves with the International
Monetary Fund (IMF) increased by $8.7 million to $2.84 billion.
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