Press Trust of India (PTI) reported that India’s rupee fell to 94.97 per U.S. dollar in early trade Monday, while central-bank data showed reserves declined $1.269 billion in the week through Oct. 23.
PTI said the currency began Monday at 94.90. By early trade, it was at 94.97 per dollar, 21 paise weaker than the Oct. 30 close of 94.76.
The Reserve Bank of India (RBI) said its Oct. 30 weekly release showed $719.748 billion in reserves as of Oct. 23, down $1.269 billion from the prior week. Foreign-currency assets rose $1.358 billion to $593.205 billion, while gold reserves dropped $2.650 billion to $103.150 billion.
PTI attributed pressure on the rupee to gains in the U.S. dollar, while softer crude prices and strength in domestic markets provided some support.
Provisional combined cash-market data published by the National Stock Exchange of India (NSE) showed foreign institutional investors were net buyers of ₹3,598.54 crore in Indian equities on Oct. 30. The exchange says its institutional trading figures may be revised.
