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 14 paise to trade at 63.74 against the US dollar in morning session on Thursday at the Interbank Foreign Exchange on increased demand for the American currency from banks and importers.
Foreign fund outflows and rising crude oil prices also weighed on the rupee sentiment.
Crude oil prices were ruling at around three-year high levels, putting pressure on the rupee as India is a major oil importer.
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A higher opening in domestic equity markets and the dollar’s weakness against other currencies overseas kept the losses limited.
On Wednesday, the rupee had bounced back to end higher by 11 paise at 63.60 against the US currency on bouts of dollar selling by exporters and corporates.
Meanwhile, the benchmark BSE Sensex edged higher by 51.78 points or 0.15 per cent to 34,484.85 in opening trade.
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