India’s forex reserves decline

India’s foreign exchange (forex) reserves declined by $621 million to $316.60 billion for the week ended Aug.12 due to sharp drop in the value of foreign currency assets, official data showed on Saturday.The forex kitty has declined sharply for the second consecutive week after surging to an all-time high of $319.08 billion. The forex had declined by $1.86 billion to $317.22 billion in the previous week under review.Foreign currency assets, the biggest component of the forex reserves kitty, declined by $652 million to $283.66 billion during the week ended Aug.12, according to the weekly statistical supplement of the Reserve Bank of India. From / Gulf Today