India's FX reserves at $311.790 bln on June 27

MUMBAI (Reuters) - India's foreign exchange reserves fell to $311.790 billion as on June 27, from $312.481 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 said the decline since then is due to dollar sales by the Reserve Bank of India (RBI) in the currency market to prop up the rupee and giving foreign exchange to oil companies to meet their import payments.

The RBI 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.

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FOREIGN EXCHANGE RESERVES (in million U.S. dollars)

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June 27 June 20 June 29

2008 2008 2007