Forex reserves up to $29.69 bn

MUMBAI, NOV 7: India’s foreign currency assets fell by $ 63 million to $ 26.58 billion in the week to October 30. This is mainly on account of outflows from foreign institutional investors (FIIs) who withdrew substantial amounts of their investments after the Unit Trust of India declared that its reserves have turned negative. This had also led to a sudden plunge in the stock markets.

However, the foreign currency reserves went up to touch $ 29.69 billion on October 30 – up by $ 35 million from the previous week. The foreign exchange reserves went up on account of accretion in special drawing rights (SDRs) which moved up by $ 98 million to touch $113 million on October 30.