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Forex reserves down by more than $1bn due to revaluation of gold reserves

The major reason for the dip in reserves is because of revaluation of the gold reserves with the central bank which is done every month end.

, ET Bureau|
Updated: Jan 13, 2017, 07.18 PM IST
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According to RBI, the climb in foreign currency assets was around $241.8mn but the fall in the value of gold reserves was almost $1.4bn.
According to RBI, the climb in foreign currency assets was around $241.8mn but the fall in the value of gold reserves was almost $1.4bn.
MUMBAI: India's foreign exchange reserves slipped $1.1bn to stand at $359bn as on January 6 of this year said the Reserve Bank of India on Friday.

The major reason for the dip in reserves is because of revaluation of the gold reserves with the central bank which is done every month end. According to RBI, the climb in foreign currency assets was around $241.8mn but the fall in the value of gold reserves was almost $1.4bn.

Further foreign investors have continued their exit from India with around Rs 3809 crore having left Indian equities market over the first few weeks of January according to data from NSDL.

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