Press Esc to close
Thursday 30 June 2016
News updated at 3:48 PM IST
Weather
Max: 26.3°C
Min : 20.3°C
In Bengaluru
Generally cloudy

India's FE kitty down $0.76 billion

Mumbai, July 1,2012 IANS

India’s foreign exchange reserves fell by $0.76 billion to $288.62 billion for the week ended June 22, official data showed.

The RBI is believed to have been selling dollars during the week to curb the slide in the rupee’s value. Incidentally, the rupee gained strength on Friday, a gain of 2 per cent over Thursday’s close of Rs 56.81 to a dollar, at Rs 55.64.

Over the week, the partially convertible rupee slumped to an all-time low of 57.33 against the US dollar. It has weakened sharply in the last two months due to ultra-high current accounts deficit due to increased demands from oil importers and outflow of money by the foreign institutional investors (FIIs), as poor gross domestic product (GDP) growth data dampened sentiment in the Indian markets.

The forex had recovered in the week ended June 15 when it grew by $2 billion to $289.39 billion and in the week ended June 8, when it recovered by $1.52 billion to $287.37 billion after falling for five straight weeks.

The reserves had plunged by $2.40 billion to $285.85 billion for the week ended June 1, apparently due to RBI selling dollars to defend the rupee.

The reserves had also declined by $1.74 billion and $1.80 billion respectively in the previous two weeks before June 1. Foreign currency assets, the biggest component of the forex reserves kitty for the week ended June 22, dwindled by $0.74 billion to $255.78 billion, according to the RBI’s weekly statistical supplement.

The RBI did not provide any reasons for the fall in the foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve..


Go to Top

Photo Gallery
Villagers looking at a one horned rhinoceros that strayed in...

Villagers looking at a one horned rhinoceros that strayed in...

Bollywood actor Irrfan Khan during the Pro Kabaddi match between Jaipur....

Bollywood actor Irrfan Khan during the Pro Kabaddi match between Jaipur....

Illuminated Mysuru Palace during the marriage....

Illuminated Mysuru Palace during the marriage....

Vice President Hamid Ansari, Congress...

Vice President Hamid Ansari, Congress...

Fans holds an national soccer team jersey with the name and number of Lionel Messi...

Fans holds an national soccer team jersey with the name and number of Lionel Messi...

Virat Kohli interacts with children at the launch of Stepathlon Kids...

Virat Kohli interacts with children at the launch of Stepathlon Kids...

Pope Francis, left, and retired Pope Benedict XVI embrace during a ceremony...

Pope Francis, left, and retired Pope Benedict XVI embrace during a ceremony...

Horse-mounted Policemen seen at a road in Kolkata...

Horse-mounted Policemen seen at a road in Kolkata...

An egret takes off in New Delhi on Tuesday...

An egret takes off in New Delhi on Tuesday...

A typist attends a customer at a street flooded after heavy rains outside Court complex...

A typist attends a customer at a street flooded after heavy rains outside Court complex...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523