Forex reserves drop $14 million

MUMBAI, AUG. 21. India's 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 reserves to $119.322 billion was due to revaluation vis-a-vis the dollar and intervention in the forex market.

Foreign currency assets during the period under review also fell by $18 million to $113.900 billion, the Reserve Bank of India said in its weekly statistical supplement released here today. Gold reserves remained static at $4.123 billion while special drawing rights dropped by $1 million to $1 million, the central bank said.