India's forex reserves down

India's foreign exchange reserves were down at $279.203 billion as on July 19, compared with $280.188 billion in the previous week, the Reserve Bank of India said on Friday. The RBI does not give any weekly data on its forward dollar holdings. So it is hard to infer from the forex reserves data whether they replenished the spot reserves through any intervention in swaps.
It is also likely that the RBI's intervention was limited by concerns over its shrinking reserves which now barely cover seven months of imports. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves, the RBI said in its weekly statistical supplement. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF).