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Forex reserves fall by close to $3 billion

statesman news service  NEW DELHI, 10 AUG: After a gain of nearly one billion US dollars during the week ending…

statesman news service 
NEW DELHI, 10 AUG: After a gain of nearly one billion US dollars during the week ending 26 July, India’s foreign exchange reserves (forex) plummeted by close to $3 million for the week ending 2 August. The total reserves had increased $960.2 million to $280.162 billion for the week ending 26 July.
Foreign currency assets, a major component of the forex reserves, dropped $2.155 billion to $249.895 billion for the week ending 2 August, the Reserve Bank said.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as euro, pound and yen, held in the reserves.
During the week, the gold reserves dropped $808.5 million at $20.747 billion, the RBI said.

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