Forex reserves stood at $309.413 billion for the week ended April 18, 2014

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $31.60 million to $309.413 billion during the week ended April 18, 2014. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week. Valuation of foreign currency assets decreased $16.20 million in the week to $281.536 billion, while the value of gold in the reserves remained unchanged to $21.566 billion during the week. SDRs' (Special Drawing Rights) valuation decreased by $10.90 million to $4.472 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 million (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively. The country’s reserve position in the IMF further witnessed a drop of $4.50 million during the week ended April 18, 2014 to $1.837 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.