India's forex reserves drop by $2.187 bln

India's foreign exchange (forex) reserves declined by $2.187 billion to $293.17 billion for the week ended May 4, The Times of India daily reported Sunday citing official data. The country's Forex reserves had risen by $758.3 Million to $295.36 Billion during the previous week. Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.76 Million to $259.18 Billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI), the country's central bank. The RBI did not provide any reasons for the fall, but heavy selling in Rupee has had an effect on the decline. The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as pound sterling, euro and yen held in reserve, the RBI said.