India’s Foreign Reserves Fall $4 Billion to $294 Billion

India’s foreign-exchange reserves fell $4 billion to $294 billion in the week ended Nov. 26, the central bank said.

Foreign-currency assets fell $3.9 billion to $265.3 billion, while the nation’s gold reserves were stable at $21.7 billion in the week, the Mumbai-based Reserve Bank of India said in an e-mailed statement today.

The change in foreign-currency assets is partly because of the change in the value of the dollar against the euro, yen and other currencies during the period, the central bank said. Total reserves climbed $7.3 billion in the past year, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the IMF.

To contact the reporter on this story: V Ramakrishnan in Mumbai at rvenkatarama@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

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