India's forex reserves at $307.107 bn

MUMBAI: India's foreign exchange reserves fell to $307.107 billion as on July 18, from $308.520 billion a week earlier, the central bank said in its weekly statistical supplement on Friday. Reserves rose to a record $316.171 billion in late May and analysts say the decline since then is due to dollars given by the central bank to refiners in exchange for their oil bonds and intervention in the currency market to support a falling rupee.
The central bank said foreign currency assets, expressed in dollar terms, included the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen.
The foreign exchange reserves include India's Reserve Tranche Position in the International Monetary Fund, the central bank said.