Press Esc to close
Tuesday 17 January 2017
News updated at 12:23 PM IST
Weather
Max: 28°C
Min : 15.7°C
In Bengaluru
Sunny day

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
London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

German Chancellor Angela Merkel, right, and the Prime Minister of New Zealand Bill English, left ...

German Chancellor Angela Merkel, right, and the Prime Minister of New Zealand Bill English, left ...

In this photo taken Thursday, Dec. 22, 2016, Kenyan artist Evans Yegon displays one of his paintings

In this photo taken Thursday, Dec. 22, 2016, Kenyan artist Evans Yegon displays one of his paintings

BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

Like us on Facebook

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