India’s forex reserves contract by $3.7 billion from all-time record high: RBI
India’s forex reserves contracted by USD 3.7 billion to USD 701.18 billion as of October 4, data shared by the Reserve Bank of India said on Friday.
The rupee gained 10 paise to trade at over 2-1/2 year high of 63.31 against the US dollar in early session today on increased selling of the American currency by exporters and banks.
Besides, stock markets opening with gains and sustained foreign fund inflows also supported the domestic unit, forex dealers said.
The dollar’s weakness against some currencies overseas also supported the rupee’s upmove.
Advertisement
The rupee opened higher at 63.35 a dollar and moved to a high of 63.31 a dollar in early trade.
The rupee on Thursday bounced back to end at a fresh 2-1/2 year high of 63.41, gaining by 12 paise against the US dollar on optimism over a brightening economic picture.
Meanwhile, the benchmark BSE Sensex rose 100.48 points, or 0.29 per cent, to 34,070.12 in early trade.
Advertisement
