India's forex reserves fall to $394.47 bln as of Oct 12
Friday,
19-Oct-2018
05:13 PM (IST)
India’s foreign exchange reserves fell $5.14 billion in the week to October 12, the biggest such decline in a single week in about seven years, indicating the Reserve Bank of India’s (RBI) aggressive intent to cushion the rupee when it plunged to an alltime low against the dollar in that period.Figures released by the RBI showed that reserves fell $5.14 billion to $394.46 billion in the week ended October 12, exceeded only by the $5.71 billion decline in the week to November 18, 2011, as the central bank likely sold dollars amid a sharp pullback by foreign institutional investors from the local markets.
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