India’s foreign exchange reserves stay above $700 bn
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
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.
India's forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data showed on Friday.
On August 2, the forex kitty had soared to a lifetime high of $674.9 billion after which it declined by $4.8 billion to $670.1 billion for the week ended August 9.
India’s foreign exchange reserves jumped by $5.16 billion to scale a lifetime high of $657.16 billion during the week ended July 5, according to RBI data released on Friday.
The domestic currency, however, could not hold on to the gains and fell to 69.09. The rupee finally settled at 68.94 a dollar, higher by 9 paise over its previous close.
Forex dealers said the selling of the American currency by exporters and gain in other Asian currencies also supported the rupee.
The rupee had settled at 69.65 against the US dollar Monday.
However, gains in domestic equities supported the rupee and capped its losses to some extent, they added.
Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.
