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RBI's move to stem rupee's fall erodes forex reserves by $1.90 bn

Nov 14, 2015    

Mumbai: The central bank's attempts to arrest the fall in the rupee's value due to domestic political uncertainty and a strengthening US dollar drained $1.90 billion from India's foreign exchange (Forex) kitty, experts said on Saturday.Overall, the Forex reserves stood at $351.73 billion for the week ended November 6."The plunge in the reserves can be attributed to the attempt's by the Reserve Bank of India (RBI) to stem the fall in rupee value and maintain the currency in it's comfort zone," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, t...

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