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India's FX reserves at $296.210 bln on August 15

Reuters - Saturday, August 23

MUMBAI, Aug 22 - India's foreign exchange reserves <INFXR=ECI> fell to $296.210 billion as on August 15, from $300.01 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 ended the special scheme for refiners on July 29.

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. ------------------------------------------------------------ FOREIGN EXCHANGE RESERVES ------------------------------------------------------------

August 15 August 8 August 17

2008 2008 2007 ------------------------------------------------------------ Foreign currency assets 285,975 289,760 219,103 Gold 9,735 9,735 6,887 SDRs 4 11 2 Reserve Tranche Position 496 504 453 ------------------------------------------------------------ Total 296,210 300,010 226,445 ------------------------------------------------------------ (Reporting by Mumbai Treasury Desk; Editing by Ramya Venugopal)

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