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Indian stock market, currency, and Forex Reserves falling apart at a fast speed
India's foreign exchange reserves fell $9.94 billion during the week ending October 10, 2008 to $274 billion, the steep depreciation of the rupee in unchecked and the stock market breached 10,000 in Sensex signaling a depression in Indian economy.
Since hitting a peak of $316.17 billion during the week ending May 23 this year, reserves have dropped by $42.17 billion.
In recent months, foreign institutional investors (FIIs), which are facing financial pressures at home, have been selling in the Indian markets and repatriating money. In calendar 2008 so far, FIIs have been net sellers of $10.83 billion in the equity market.
FII sales have put pressure on the rupee, which has dropped 22.96 per cent against the dollar since January.
According to the latest RBI data released today, foreign currency assets in the reserves fell by $9.93 billion during the week. The value of gold and special drawing rights remained unchanged. The reserve position with the International Monetary Fund was $3 million lower at $458 million during the period.
BIZ/FINANCE ARTICLES
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