India Forex Reserves Dip To $ 286,000,000

India's reserves dipped exchange $ 286,000,000 due to the revaluation of non-dollar assets in reserves during the week ending April 15. The Government has violated the limit and means advances for the second straight week.

The latest figures released by the Reserve Bank of India, the assets denominated in foreign currencies, principally in dollars, sterling and the euro, including $ 311million of the week ahead. SDRs, IMF reserve and capital reserves, the IMF increased by $ 15,000,000 and $ 10 million, respectively, reports ET.

The value of gold reserves remained unchanged during the week. Total reserves are now at 307.9 billion dollars. In other developments, the central government provided Rs 50.607 million rupees during the week as the ways and means advances (WMA) during the week ending April 15, well above the limit of Rs 30,000 crore-game until the third week April. The funding is in place by the repo rate, while above the agreed limit is 2 percent higher than the repo rate.