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 rose by 23 paise to trade at 63.40 against the dollar in opening session on Monday, helped by strong gains in domestic stocks and losses in the greenback in obverses markets.
The rupee opened strong at 63.45 at the interbank forex market against previous close of 63.63 per dollar as stocks soared to record levels after strong economic data.
The rupee moved in range of 63.4875 per dollar to 63.3900 per dollar in early session before quoting at 63.40, displaying strong gains of 23 paise against the greenback.
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Industrial production growth zoomed to a 17-month of 8.4 per cent in November 2017.
Selling of the American currency by exporters supported the rupee, forex dealers said.
The US dollar was struggling against the yen and pound after reports of monetary tightening by Bank of Japan.
On Friday, the rupee had ended higher by a modest three paise at 63.63 against the US dollar in a highly volatile trade.
The benchmark BSE Sensex rose by 209.35 points, or 0.60 per cent to hit an all-time high of 34,801.74 while the NSE Nifty climbed 52.15 points, or 0.48 per cent, to a new peak of 10,733.40 on Monday.
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