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 weakened by 8 paise to trade at 63.61 against the US dollar in opening session on Thursday due to increased demand for the American currency from importers.
The dollar’s gains against major world currencies after a strong US manufacturing data also impacted the rupee sentiment, a currency dealer said.
On Wednesday, the rupee had retreated from its multi-year high and ended marginally lower by 5 paise at 63.53 against the US currency.
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Meanwhile, the benchmark BSE Sensex recovered by 123.37 points, or 0.36 per cent, at 33,916.75 in early trade on Thursday.
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