Forex reserves down to $311.5 bn as on Sept 30, 2011

The country’s foreign exchange reserves stood at $304.8 billion as at end-March, 2011, and increased to the peak level of $322.0 billion as at end-August, 2011, the Reserve Bank of India (RBI) said on Tuesday.Thereafter, it came down to $311.5 billion at the end of September 2011, the RBI said in a release. The main reasons of decline are, inter alia, the revaluation effect and intervention in the domestic foreign exchange market. As at end-September 2011, out of the total foreign currency assets of $ 275.7 billion, $ 144.4 billion was invested in securities, $ 125.8 billion was deposited with other central banks, BIS and the IMF and $ 5.5 billion was placed with the External Asset Managers.

Source: Financial Express