Forex Re­serves Dip for a 3rd Week

The Economic Times - - Markets: Beating Volatility -

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

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