Forex Reserves Dip for a 3rd Week
Kolkata: India's foreign exchange reserves fell for the third straight week to $398.795 billion amid concerns that tightening of global financial markets may prompt foreign investors pull out their investments from local equities and debt in the coming months.
The Reserve Bank of India's data showed that forex reserves dipped by $862 million in the week ending October 6 to $398.795 billion.
Although RBI does not give reasons for the rise and fall of reserves, analysts said that the last week’s dip reflected the fall in valuation of reserves held in other global currencies.
Forex reserves fell by nearly $4 billion in the last three weeks after it touched an all time high at $402.509 billion.— Our Bureau