Forex reserve drops $3.2 billion to $420.4 billion

Posted by Daily Shipping Times on 07-05-2018        Tweet

MUMBAI: India's foreign exchange reserves dipped $3.2 billion in the week to April 27 to $420.4 billion as Reserve Bank of India is said to be selling dollars to restrict the rupee slide.

This is the second consecutive weekly fall in reserves as overseas portfolio investors withdrew their dollar investments following hardening of US Treasury bond yields, rise in global crude prices and concerns over India's current account deficit.

RBI data showed that reserves shrunk by $5.7 billion in the last two weeks.