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This is an archive article published on December 6, 2008
Forex reserves rise after weeks
After falling for several weeks, India8217;s foreign exchange reserves swelled by 1.887 billion to 247.686 billion for the week ended November 28. Analysts attributed the rise in reserves to the fall in crude oil prices and steps taken by the government to boost capital inflows.
Written by Enseconomicbureau
Mumbai | December 6, 2008 12:00 AM IST
2 min read
2 min read
After falling for several weeks, India8217;s foreign exchange reserves swelled by 1.887 billion to 247.686 billion for the week ended November 28. Analysts attributed the rise in reserves to the fall in crude oil prices and steps taken by the government to boost capital inflows.
Foreign currency assets, which stood at 236.971 billion in the previous week, went up to 238.968 billion this week, RBI data showed here today. Still the reserves 8212; which touched an all-time peak of 315.6 billion on June 6, 2008 8212; are down nearly 68 billion from the peak level this year.
The fall in forex reserves started accelerating ever since crude oil prices ballooned. Oil companies have been buying dollars at high rates following the steep rise in crude oil prices earlier this year. Besides, foreign institutional investors have been sellers in the Indian stock market, and pulled out nearly 13.5 billion so far this year.
China with reserves of 1,905 billion and Japan are way ahead of India. Russia8217;s currency reserves fell 19 per cent to 484.6 billion in the 12 weeks through October 31 from 598.1 billion before the invasion of Southern Ossetia. Tumbling oil prices and an exodus of capital put pressure on Russia8217;s reserves.
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