India’s forex reserves resume fall after brief respite

India’s reserves were $532.28 billion at the end of the previous week. Reserves rose marginally during the week ended October 7, but had been falling consistently for the previous eight straight weeks and are near their lowest levels since July 2020.

Meanwhile, rupee pared its initial losses and settled 4 paise higher at 82.75 (provisional) against the US dollar today, tracking a positive trend in domestic equities.

At the interbank foreign exchange market, the local currency opened at 82.89 and witnessed a high of 82.59 and a low of 82.91.

It finally settled at 82.75 against the American currency, registering a rise of 4 paise over its previous close.

On Thursday, the rupee had rebounded from its lifetime low to close 21 paise higher at 82.79.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.47 per cent to 113.41.

Global oil benchmark Brent crude futures fell 0.11 per cent to USD 92.28 per barrel.

On the domestic equity market front, the 30-share BSE Sensex rose 104.25 points or 0.18 per cent to end at 59,307.15, while the broader NSE Nifty advanced 12.35 points or 0.07 per cent to 17,576.30.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth ₹1,864.79 crore on Thursday, as per the exchange data.