India's foreign exchange (forex) reserves dipped by $2.04 billion to $307.49 billion for the week ended May 13 partly due to revaluation of non-dollar assets and foreign investors withdrawing money from the local markets.
The foreign currency assets, the biggest component of the forex reserves kitty, slipped by $1.98 billion to $276.14 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India. The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves.
The value of special drawing rights (SDRs) declined by $38 million to $4.59 billion and reserves with the International Monetary Fund fell by $25 million to $2.96 billion. The value of gold reserves remained unchanged at $23.79 billion.