Forex reserves dip by $14 mn on intervention

Foreign exchange reserves fell by $14 million during the week ended August 13 after witnessing a rise of $1.01 billion a week earlier.

The dip in the forex reserves by $14 million to $1,19,322 million was due to revaluation vis-a-vis the dollar and intervention in the forex market.

The foreign currency assets during the period under review also fell by $18 million to $1,13,900 million, RBI said in its weekly statistical supplement released on Saturday.

Gold reserves remained static at $4,123 million. India’s reserve tranche position (RTP) with the IMF grew by $5 million and stood at $1,298 million.

Loans and advances to Central Government dropped by Rs 7,579 crore to register a nil balance while that to state governments rose by Rs 41 crore to Rs 2,267 crore. RBI said for the fortnight ending August 6, aggregate deposits of scheduled commercial banks grew by Rs 13,236 crore (0.8 per cent) to Rs 15,82,649 crore.