Forex reserves fall to $290 billion

India?s foreign exchange reserves fell to $290 billion as of May 18, 2012, from $291.802 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Friday. This is a weekly drop of $1.802 billion compared to the drop of $1.371 billion in the previous week.

The foreign currency assets position as of May 18 2012, stood at $256.117 billion, gold at 26.618 billion, special drawing rights (SDRs) at $4.399 billion and the reserve position in the IMF at $ 2.866 billion.

A glance at the RBI data shows this was the lowest recorded forex reserves since September 24, 2010. In the financial year 2011-12, the reserves had increased to the peak level of $320 billion in the first week of September, 2011.

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The RBI?s weekly statistical supplement showed reserves fell mainly due to a decline of $1.742 billion in the bank?s foreign-currency assets. The SDRs fell by $ 35.5 million and reserves with the IMF fell by $ 23.6 million.