Forex reserves record biggest weekly drop as RBI moves to support Rupee
At $17.8 billion, the reserves fell the most in the week ended November 15, eclipsing the $15 billion retreat in the week of October 24, 2008, when the subprime sinkhole had swallowed global financial assets — and emerging market currencies — in the immediate aftermath of the Lehman Brothers mothballing. This time, too, the rupee declined 79 paise per dollar, or 1%, since the reserves hit a record of $704.9 billion on September 27.
«Our exchange rate policy is well articulated and has remained consistent over the years,» Reserve Bank of India (RBI) Governor Shaktikanta Das said at a recent media event. «Our exchange rate regime is market-determined and RBI does not target any level or band of the exchange rate.»
From record reserves on September 27, roughly coinciding with all-time highs for both the Nifty and the Sensex, the stockpile fell for the seventh consecutive week to a four-month low of $658 billion, with a cumulative contraction of $47 billion over the period.
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