Business Daily from THE HINDU group of publications
Saturday, Oct 18, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Oct 18, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Home Page
-
Forex Markets - Foreign Institutional Investors Money & Banking - Financial Markets Our Bureau Mumbai, Oct. 17 The country’s foreign exchange reserves fell by around $10 billion, probably the biggest fall in a single week. According to figures released by the RBI on Friday, forex reserves fell by $9.937 billion to touch $274.004 billion for the week ended October 10. In the previous week, forex reserves fell by $7.87 billion to touch $283.941 billion. According to currency dealers, revaluation of reserves, sustained FII outflows from the domestic equity markets and RBI intervention in the forex markets pulled the reserves down. According to SEBI data, foreign institutional investors sold equities worth $883.80 million for the week ended October 10. During the same week, the dollar strengthened against the euro, affecting the value of the reserves in dollar terms. RBI has been selling dollars in the market to stabilise the depreciating rupee. In the wake of the massive FII outflows, the Indian currency lost more than four per cent in the week under review, said a dealer. “The RBI sold dollars in the spot market as the rupee depreciated from 47 to 49 against the greenback,” said the treasury head with a private bank. According to the RBI’s weekly statistical supplement, the foreign currency assets decreased by $9.934 billion to $264.977 billion. Gold reserves and SDRs remained unchanged at $8.565 billion and $4 million respectively. The country’s reserve position in the IMF declined by $3 million to $458 million. Forex reserves fall; bank credit rises Forex reserves see $2.51-b spike More Stories on : Forex | Foreign Institutional Investors | Financial Markets | Stock Markets
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
