The Hindu Business Line : Forex reserves down $339 m

According to RBI's Weekly Statistical Supplement, the foreign exchange reserves have fallen to touch $143.096 billion. In the previous week, the reserves had increased by $82 million for the week ended October 14 to touch $143.435 billion.

Foreign currency assets fell by $342 million to $136.961 billion, during the week under review. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as the euro, the sterling and the yen) held in reserves.

Gold and Special Drawing Rights remained unchanged at $4.712 billion and $4 million, respectively. India's reserve position in the IMF rose by $3 million to touch $1.419 billion.

According to the treasury head at a private bank, the fall in the reserves could have been due to foreign institutional investors outflows as well as a slight revaluation effect.

As per figures from SEBI, the foreign institutional investor outflow from the equity market for the week under consideration was to the tune of $272.2 million.

The euro had touched levels of $1.19 against the dollar and hence the effect of revaluation could have resulted in a dip in the reserves.

The rupee is expected to trade in the narrow range of 45-45.20 in the coming week, according to the bank official.

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