Forex reserves fall $2.4 billion

The country’s gold reserves for the week under review came in at $19.982 billion, unchanged from the previous week.

By: ENS Economic Bureau | Mumbai | Published:December 24, 2016 3:12 am
rupee, rupee gain, dollar, Rupee value, rupee vs dollar, rupee dollar, rupee value, rupee price, dollar value, business news, india news The decline was primarily due to revaluation and depreciation of currencies such as the euro.

India’s foreign exchange (forex) reserves declined $2.38 billion to $360.60 billion in the week ended December 16, according to data released by the Reserve Bank of India (RBI) on Friday.

The decline was primarily due to revaluation and depreciation of currencies such as the euro and outflow of foreign investor funds as the US Federal Reserve’s decision to hike rates by 25 basis points prompted a lot of investors to cut exposure to emerging markets.

The country’s gold reserves for the week under review came in at $19.982 billion, unchanged from the previous week.

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