India's forex reserves dip by $1.39 bn

The country's foreign exchange reserves declined by $1.39 billion (about Rs 6,900 crore) in the week ended May 1 to $251.70 billion, mainly on account of a revaluation of currencies and a decrease in value of gold assets held by the Reserve Bank of India (RBI).

According to data released by RBI, foreign currency assets dropped by $1.04 billion to $ 241.49 billion at the end of May 1. Bank dealers said the drop in currency assets was primarily due to the depreciation in Japanese yen.