prices and a firm dollar are likely to have contributed toward usdinr touching an all-time intraday high. The dip in reserves is on account of RBI's intervention in the foreign exchange market to stem the rupee 's fall, according to forex analysts. RBI sold a tad over 8 billion (net basis) in spot market in June and July to ease the pace of rupee depreciation, according to official data. Gold reserves rose by 144 million.378 billion in the reporting week. "As the rupee has come under pressure after May, there has been forex scalping strategy price action drawdown of reserves to support the currency. India's foreign exchange reserves declined.25 billion to 407.81 billion in the week to June 22 on account of fall in foreign currency assets, Reserve Bank of India (. Forex reserves had touched a record high of 426.028 billion in the week to April 13, 2018, but have been declining since then. In the previous week, forex reserves had declined by 819.5 million to 399.282 billion. According to forex analysts, the dip in reserves is on account of RBI's intervention in forex reserves to stem fall in the rupee. Gold reserves rose.9 million.414 billion in the reporting week.
Rupee hit its lowest closing level on September 11.69/70 against the greenback, reflecting.3 depreciation since April making its one of the worst performing emerging currencies. It dipped over 26 billion since April 13 when it was it it peak of 426.082 billion in tandem with the rupee depreciation. The special drawing rights with the, international Monetary Fund (IMF) rose.5 million.49 billion. Indias foreign exchange reserves fell.14 billion in the week to October 12, the biggest such decline in a single week in about seven years, indicating the Reserve Bank of Indias (RBI) aggressive intent to cushion the rupee when it plunged to an alltime low. Gold reserves rose by 102.9 million.331 billion in the reporting week. The country's foreign exchange reserves increased.3 billion to 401.790 billion in the week to September 21, helped by a rise in foreign currency assets, according to RBI data. In the reporting week, foreign currency assets, a major component of the overall reserves, dipped.833 billion to 382.499 billion, data showed. The special drawing rights with the.
Kolkata: India's foreign currency reserves, which provides cushion against dollar outflows, fell below 400 billion mark as Reserve Bank of India continued selling dollars from its coffers to prevent the volatility in local currency. In a note issued after the central bank published the data, Yes Bank economists Shubhada Rao and Vivek Kumar said they estimate RBI must have sold.2 billion during the week after adjusting for currency revaluations, drawing down reserves during that week. Expressed in US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in the reserves. RBI ) data showed. The market read RBIs unchanged rate as a signal to say that it is comfortable with a weaker rupee as long as inflation is in check, which led to even exporters holding back their dollar sales in the hope of getting a better rate, Rao. Reserves dipped 820 million in the week to September 7 to 399.282 billion, RBI data showed. Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in the reserves. This happens to be the largest weekly decline in forex reserves since the Eurozone crisis, the Yes Bank note said. Reserves of around 400 billion provide import covers for about nine months. Figures released by the RBI showed that reserves fell.14 billion to 394.46 billion in the week ended October 12, exceeded only by the.71 billion decline in the week to November 18, 2011, as the central bank likely sold dollars amid a sharp pullback. International Monetary Fund (IMF) rose.8 million.478 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, increased.257 billion to 377.412 billion, as per RBI data.