| Date: |
20-12-2014 |
| Subject: |
Forex reserves drop $1.6 billion as RBI steps in |
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MUMBAI: India's foreign exchange reserves dropped $1.6 billion during the week ended December 5. The Reserve Bank of India (RBI) has been intervening in the currency market to manage the volatility of the currency.
India's foreign exchange reserves stood at $314.7 billion as on December 5, according to the data released by RBI. All components of reserves, including gold and special drawing rights (SDR), an International Monetary Fund (IMF) currency, dipped during the week.
While value of gold dropped $753 million as prices in the global markets have been declining steadily, the value of foreign currency assets declined $4857 million during the week as the central bank sold dollars to rein in the volatility in the local currency.
MUMBAI: India's foreign exchange reserves dropped $1.6 billion during the week ended December 5. The Reserve Bank of India (RBI) has been intervening in the currency market to manage the volatility of the currency.
India's foreign exchange reserves stood at $314.7 billion as on December 5, according to the data released by RBI. All components of reserves, including gold and special drawing rights (SDR), an International Monetary Fund (IMF) currency, dipped during the week.
While value of gold dropped $753 million as prices in the global markets have been declining steadily, the value of foreign currency assets declined $4857 million during the week as the central bank sold dollars to rein in the volatility in the local currency.
Source : economictimes.indiatimes.com
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