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India's forex reserves decline by 12.6 mln USD
Last Updated: 2013-12-28 19:33 | Xinhua
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India's foreign exchange (forex) reserves declined by 12.6 million U.S. dollars to stand at 295.50 billion U.S. dollars for the week ended Dec. 20, said Reserve Bank of India (RBI) statistics published Saturday.

The decrease of forex reserves was mainly attributed to heavy swaps with foreign currencies by the Indian rupees as was operated by the RBI, India's central bank, over the past few weeks, according to analysts.

RBI's weekly statistical supplement said foreign currency assets, which is the predominant part of forex reserves of India, have dropped to 268.46 billion U.S. dollars.

Meanwhile, India's reserve position with the International Monetary Fund (IMF) rose by 91.2 million U.S. dollars to 1.99 billion U.S. dollars, while the country's gold reserves remained unchanged at 20.60 billion U.S. dollars, said the RBI statistics.

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