| Date: |
25-07-2015 |
| Subject: |
India's forex reserves down by $1 billion to $353.33 billion: RBI data |
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MUMBAI: India's foreign exchange reserves dipped by around $1 billion to $353.3 billion for the week ended July 17, Reserve Bank of India data showed on Friday.
Foreign currency, which is a major component of the country's reserves was down by $982 million to $328 billion during the week. But, the gold reserves remained unchanged at $19 billion.
The central bank is believed to have sold dollars to check the rupee's weakening against the greenback, forex dealers said. RBI does not prove reason for rise or fall of reserves. The local unit fell seven paisa or 0.11% to 63.47 per dollar.
"This could be the fourth consecutive week when India's reserves fell. RBI intervenes actively to check volatility in the exchange rate, be it rise or fall," said a forex dealer from a private sector bank.
Source : economictimes.indiatimes.com
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