<p>India's foreign exchange reserves slumped by $3.14 billion to $293.54 billion in the first week of 2012, the lowest level in almost 15 months, largely due to revaluation of non-dollar assets and sale of dollars by the central bank to curb the rupee's slide. <br /><br /></p>.<p>The forex reserves fell by $3.14 billion to $293.54 billion for the week ended Jan 6 as compared to $296.68 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India (RBI). <br /><br />India's forex reserves kitty has dipped by almost $27 billion since October end largely because of the sale of dollars by the Reserve Bank of India to rein in the value of rupee against the greenback. <br /><br />Revaluation of non-dollar currencies in the reserves like the euro has also resulted by a sharp fall in the forex reserves. <br /><br />This is the fifth consecutive drop in the country's foreign exchange reserves. The reserves have dropped by $13.24 billion in the last five week under review. <br /><br />Foreign currency assets, the biggest component of the forex reserves, dipped by $3.12 billion to $259.80 billion for the week ended Jan 6. <br /><br />RBI does not provide any reasons for the change in foreign currency assets. <br />It says the assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve. <br /><br />The value of special drawing rights (SDRs) fell by $14.8 million to $4.41 billion, and India's reserves with the International Monetary Fund (IMF) fell by $9.1 million to $2.69 billion. <br />However, the value of gold reserves remained unchanged at $26.62 billion.</p>
<p>India's foreign exchange reserves slumped by $3.14 billion to $293.54 billion in the first week of 2012, the lowest level in almost 15 months, largely due to revaluation of non-dollar assets and sale of dollars by the central bank to curb the rupee's slide. <br /><br /></p>.<p>The forex reserves fell by $3.14 billion to $293.54 billion for the week ended Jan 6 as compared to $296.68 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India (RBI). <br /><br />India's forex reserves kitty has dipped by almost $27 billion since October end largely because of the sale of dollars by the Reserve Bank of India to rein in the value of rupee against the greenback. <br /><br />Revaluation of non-dollar currencies in the reserves like the euro has also resulted by a sharp fall in the forex reserves. <br /><br />This is the fifth consecutive drop in the country's foreign exchange reserves. The reserves have dropped by $13.24 billion in the last five week under review. <br /><br />Foreign currency assets, the biggest component of the forex reserves, dipped by $3.12 billion to $259.80 billion for the week ended Jan 6. <br /><br />RBI does not provide any reasons for the change in foreign currency assets. <br />It says the assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve. <br /><br />The value of special drawing rights (SDRs) fell by $14.8 million to $4.41 billion, and India's reserves with the International Monetary Fund (IMF) fell by $9.1 million to $2.69 billion. <br />However, the value of gold reserves remained unchanged at $26.62 billion.</p>