The foreign exchange reserves have continued to drop for the sixth consecutive week, down by $5.532 billion to touch $252.883 billion for the week ended October 31. The reserves have declined by over $31 billion in the past one month alone. For the week ended October 24, forex reserves fell by $15.47 billion-the largest fall in a single week ever--to $258.415 billion.The RBI has been selling dollars on a sustained basis after the rupee breached the 50 level against the dollar in October.
In the week under consideration, the dollar strengthened against the euro and the pound in the overseas markets, which had a revaluation effect on the reserves, partly causing the decline, said a dealer with a private bank.
The foreign institutional investors have been net sellers in the equity markets to the tune of $809.10 million for the week ended October 31. According to RBI''s Weekly Statistical Supplement, foreign currency assets decreased by $5.349 billion to $244.045 billion. While gold reserves fell by $183 million to $8.382 billion, SDRs remained unchanged at $9 million respectively.
In the week under consideration, the dollar strengthened against the euro and the pound in the overseas markets, which had a revaluation effect on the reserves, partly causing the decline, said a dealer with a private bank.
The foreign institutional investors have been net sellers in the equity markets to the tune of $809.10 million for the week ended October 31. According to RBI''s Weekly Statistical Supplement, foreign currency assets decreased by $5.349 billion to $244.045 billion. While gold reserves fell by $183 million to $8.382 billion, SDRs remained unchanged at $9 million respectively.
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