India’s foreign exchange reserves fell by $1.268 billion in the first week of the year to $561.583 billion.
Foreign currency assets, the major component of reserves, fell by $1.747 billion while reserves held in gold rose $461 million, Reserve Bank of India data showed.
The fall in foreign currency assets was perhaps on account of the central bank’s dollar sales to support the rupee, forex dealers said. RBI did not give reasons behind rise or fall or forex reserves.
Data released in the weekly statistical supplement also showed that the pace of bank credit growth at the end of December 30 slowed to 14.9% year-on-year growth as compared with 17.4% print recorded in the previous fortnight.
