Press Esc to close
Saturday 30 May 2015
News updated at 12:01 PM IST
Weather
Max: 32.4°C
Min : 22.3°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
Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Police detain National Students' Union of India (NSUI) activists during a protest...

Police detain National Students' Union of India (NSUI) activists during a protest...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

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