The Hindu Business Line : Forex reserves down $153 m

Mumbai, Oct. 3 The foreign exchange reserves dropped by $153 million to touch $291.819 billion for the week ended September 26, according to figures released by Reserve Bank of India’s Weekly Statistical Supplement.

For the week ended September 19, reserves increased by $2.51 billion to $291.972 billion.

Huge outflow by foreign institutional investors from the stock market along with dollar selling by the Reserve bank of India to stabilise the rupee led to the decline in reserves, said a dealer with a private bank.

According to the figures released by the Securities and Exchange Board of India, FIIs have been net sellers in the equity markets to the tune of Rs 229.60 crore for the week ended September 26.

In the week under review, foreign currency assets decreased by $159 million to $282.652 billion.

Gold reserves and SDRs were unchanged at $8.692 billion and $4 million respectively.

The reserve position in the IMF increased by $2 million to $465 million.

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