India's forex reserves drop by $1.80 billion


27/05/2012 23:49 AST  IANS Live

Mumbai: India's foreign exchange reserves fell by $1.80 billion to $290 billion for the week ended May 18, registering a sharp drop for the third week in a row, largely due to suspected sale of dollar by the central bank to defend rupee, the Reserve Bank of India data showed.

The forex reserves had declined by $1.37 billion and $2.18 billion respectively in the previous two weeks.

Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.74 billion to $256.11 billion during the week ended May 18, according to the Reserve Bank of India'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.

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