Press Esc to close
Wednesday 01 July 2015
News updated at 2:13 AM IST
Weather
Max: 30°C
Min : 21°C
In Bengaluru
Rain lightly

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
Sadhus shout religious slogans as they wait to register themselves for the Amarnath Yatra...

Sadhus shout religious slogans as they wait to register themselves for the Amarnath Yatra...

A police man makes video of the members of CPWD Contractors Association during...

A police man makes video of the members of CPWD Contractors Association during...

Prime Minister Narendra Modi with CEO, Airbus Defence and Space, Bernhard Gerwert...

Prime Minister Narendra Modi with CEO, Airbus Defence and Space, Bernhard Gerwert...

Three warships- Tarmugli, Tillanchang and Thiayu being launched...

Three warships- Tarmugli, Tillanchang and Thiayu being launched...

AIADMK supporters celebrate Tamil Nadu Chief Minister Jayalalithaa's victory...

AIADMK supporters celebrate Tamil Nadu Chief Minister Jayalalithaa's victory...

A farmer ploughs his paddy field as monsoon clouds hover in the sky at a village...

A farmer ploughs his paddy field as monsoon clouds hover in the sky at a village...

Actor Shahrukh Khan at the launch of a new range of Tag Heuer watches...

Actor Shahrukh Khan at the launch of a new range of Tag Heuer watches...

Jindal Kamakshi being taken to the dock in Mumbai

Jindal Kamakshi being taken to the dock in Mumbai

A group of elderly Muslims taking rest as they wait for Afternoon prayer at Jamia Masjid...

A group of elderly Muslims taking rest as they wait for Afternoon prayer at Jamia Masjid...

Dark monsoon clouds hover over Albert Hall during rainy day in Jaipur

Dark monsoon clouds hover over Albert Hall during rainy day in Jaipur

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