For the week ended November 14, 2008 the foreign currency reserves touched $246.349 billion as dropped by $5.015 billion. In the previous week, the foreign currency assets had fell by $1.519 billion to touch $251.364 billion. For the week under consideration, the foreign currency assets fell by $5.006 billion to $237.521 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves.
The euro had touched a two-week low of $1.290 against the dollar, as Germany, Europe''s biggest economy, was in recession. This may be a reason of fall in the value of the country''s foreign currency assets, said a bank official. During the week, FIIs sold a net of $324.9 million in the equity market. For the week under review, gold was unchanged at $8.382 billion. SDRs fell by $6 million to $3 million. The country''s reserve position in the IMF fell by $3 million to $443 million. This week the rupee crossed the psychologically important level of 50.60 against the dollar despite intervention by the central bank.
The euro had touched a two-week low of $1.290 against the dollar, as Germany, Europe''s biggest economy, was in recession. This may be a reason of fall in the value of the country''s foreign currency assets, said a bank official. During the week, FIIs sold a net of $324.9 million in the equity market. For the week under review, gold was unchanged at $8.382 billion. SDRs fell by $6 million to $3 million. The country''s reserve position in the IMF fell by $3 million to $443 million. This week the rupee crossed the psychologically important level of 50.60 against the dollar despite intervention by the central bank.
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