India’s forex reserves drop by $1.37 billion
May 19th, 2012 - 6:10 pm ICT by IANSMumbai, May 19 (IANS) India’s foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed.
The forex reserves has dropped sharply for the second consecutive week. It had declined by $2.18 billion in the previous week.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India’s weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day’s record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India’s reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
- Rupee dips to new intra-day low of 54.91 to a dollar - May 18, 2012
- India's forex reserves fall by $2.187 billion - May 12, 2012
- RBI to defend rupee from falling further (Lead) - May 18, 2012
- India's forex reserves slump by $3.14 bn - Jan 15, 2012
- India's forex reserves slump by $5.72 billion - Nov 13, 2011
- India's forex reserves slump by $4.29 billion - Sep 17, 2011
- India's forex reserves drop by $1.47 billion - Apr 14, 2012
- India's forex reserves slump by $4.67 billion - Dec 25, 2011
- India's forex reserves rise by $858 million - Oct 29, 2011
- Rupee slide continues: hits new low of 54.60 against dollar (Lead) - May 17, 2012
Tags: bank of india, consecutive record, currency assets, currency reserves, depreciation, dollar terms, foreign currency, foreign exchange reserves, forex reserves, gold reserves, indian rupee, international monetary fund, international monetary fund imf, pound sterling, rbi, reserve bank of india, second consecutive week, special drawing rights, statistical supplement, value of gold
Passage of money measures part of statewide trend - Statesman Journal
How they fared
Summary of how property tax measures fared in Tuesdays election, courtesy of the League of Oregon Cities.
CITIES (7)
Albany: Levy for public safety, 54 percent yes
Bay City: Levy for fire protection, 84 percent yes
Dundee: Bond for fire station, 59 percent yes
Forest Grove: Levy for public safety and community services, 61 percent yes
Hillsboro: Levy for police, fire and parks, 78 percent yes
Stayton: Levy for library, pool and parks, 66 percent yes
Union: Levy for library, 65 percent yes
COUNTIES (7)
Benton County: Levy for proposed Alsea human services district, 65 percent yes
Clatsop County: Bond for jail improvements, 56 percent no
Josephine County: Levy for criminal justice operations, 57 percent no
Malheur County: Levy for extension service district, 56 percent yes
Multnomah County: Levy for library operations, 85 percent yes
Tillamook County: Levy for library operations, 53 percent yes
Tillamook County: Levy for veterans office, 82 percent yes
FIRE DISTRICTS (12)
Dexter: Levy for equipment and operations, 62 percent yes
Dundee: Bond for fire station, 58 percent yes
Estacada: Bond for fire station, 50 percent no
Illinois Valley: Levy for equipment, 55 percent yes
Junction City: Levy for operations, 60 percent yes
Knappa-Svensen-Burnside: Bond for equipment and improvements, 55 percent no
Lookingglass: New district with tax rate, 77 percent no
Lyons: Bond for equipment, 52 percent no
Marion County 1: Levy for operations, 58 percent yes
Pleasant Hill: Bond for fire station and equipment, 51 percent no
Sheridan: Levy for operations, 62 percent yes
Sublimity: Bond for equipment, 64 percent yes
SCHOOLS (9)
Banks: Bond for maintenance, 50 percent yes
Canby: Levy for operations, 59 percent no
Central Curry: Levy for operations, 56 percent no
David Douglas: Bond for construction, 65 percent yes
Jefferson County: Bond for construction, 55 percent yes
Klamath Falls: Levy for operations, 57 percent yes
Myrtle Point: Bond for maintenance, 51 percent yes
North Douglas: Bond for upgrades, 67 percent yes
Sweet Home: Levy for pool operations, 51 percent yes
OTHERS (5)
Deschutes County: Levy for proposed 911 district, 52 percent no
Josephine Soil & Water Conservation: Levy for operations. 55 percent no
Umpqua Community College: Bond for construction, 71 percent no
Union County Vector Control: Levy for operations, 76 percent yes
Western Lane Ambulance: Levy for operations, 54 percent yes
India's forex reserve dropped by $1.37-billion - Newstrack India
Amid continuously depreciating Indian currency 'Rupee' as international currency 'Dollar', India's foreign exchange reserve (forex) dropped by US $1.37-billion, official data reflects it.
India's forex reserve that was in an adequate amount earlier before beginning the devaluation of Rupee had sharply slipped in two consecutive weeks by US$ 2.18-billion to US $291.80-billion, recorded on week ended May 11.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
--With IANS Inputs--
Rupee plunges to fresh low before RBI pulls it back - zeenews.india.com
Mumbai: The rupee on Friday gained 5 paise to close at 54.42 against the dollar with RBI's swift action pulling it back from near 55-levels touched in early trade amid strong capital outflows.At the Forex market, the domestic currency in early trade threatened to breach the 55-level as it slumped to 54.91, its fresh all-time low hit in the third straight session, as copious fund outflows continued amid Eurozone worries.
Dealers said strong dollar demand from importers, mainly oil refiners, on expectation of further rise in dollar on concerns caused rupee's fall.
However, RBI stepped in and stemmed the rupee's slide.
The central bank's Deputy Governor Subir Gokarn in Kolkata today also said RBI will continue to intervene and take administrative measures to protect the rupee, boosting the sentiments in favour of the rupee.
"The approach over the last few months have been a combination of intervention at times when we have felt it will help us stabilise, and some administrative action. This is the approach that will work now," said Gokarn on the sidelines of an event here.
Forex dealers also said that a sudden gush of dollar selling at the fag end by exporters amid recovery in local stocks aided the rupee recovery as the domestic unit touched a high of 54.40 before closing at 54.42. The currency has lost over 22 percent against the dollar in the past one year.
However, experts do not feel rupee's woes against the dollar are over for now as the Indian economy continues to battle with fiscal as well as budget deficits and Greece's possible exit from Eurozone keeps fundamentals intact in favour of the American currency.
"It is difficult to say whether rupee is consolidating at the current level or will fall further as RBI is watching the market," said Viral Shah, Head - Institutional Business, Geojit Comtrade.
The benchmark six-month forward dollar premium payable in October ended up at 154-156 paise from Thursday's close of 151-153 paise and far-forward contracts maturing in April also finished higher at 272-274 paise from 262-264 paise.
The RBI fixed the reference rate for the US dollar at 54.8755 and for euro at 69.4885.
The rupee improved further to 86.04 against the pound sterling from 86.24 previously while fell back to 69.16 per euro from 69.05. It dropped further against the Japanese yen to 68.58 per 100 yen from last close of 67.92.
PTI
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