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Forex reserves record $698 m outflow

MUMBAI, JAN. 24. After three months of continuous upsurge, India's foreign exchange reserves recorded an outlow of $698 million to $103.12 billion during the week ended January 16.

The reserves fell by $698 million and stood at $103.126 billion, according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets declined by $698 million to $98.908 billion, the RBI said.

The revaluation of euro against the U.S. dollar in the global market and slowdown in FII investments impacted the reserves position, forex market sources said.

Forex reserves had last witnessed an outflow of $1.589 billion for the week ended October 3, 2003.

The Reserve Bank of India said gold reserves and special drawing rights remained static at $4.215 billion and $3 million respectively during this period.

PTI

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