As on Aug 10, 2007, Forex reserves went down USD 346 million to USD 228.996 billion, mainly on the back of declension in foreign currency and assets accumulations on a weekly basis.

According to the RBI’s weekly statistical supplement released on Aug. 17, 2007 the foreign currency and assets decreased USD 221.653 billion.

The gold reserves and the IMF reserve position remained flat at USD 6,887 million and USD 455 million correspondingly during the same period.

New Delhi: Sudarshan Motwani, Head-Foreign Exchange Serv

Mumbai: Rupee is likely to jump down on Thursday, terrified of capital outflows as regenerated concerns about a worldwide credit squeeze beat Asian stock markets.

On Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

Mumbai: Rupee climbed as Asian stock markets stabilized, regenerating anticipations for foreign capital inflows into local shares.

The partly convertible rupee came up as against its weakest close in over a month on Friday. In late July, it hit a nine-year peak of 40.20.

In the last two sessions, foreigners have purchased $142 million of shares after selling over $600 million so far this month.

In the afternoon trades, the BSE IT index gained 24 points to 4,758.66 owing to the decrease in the rupee values as against the dollar.

In order to tame the rupee, the government had constricted foreign-borrowing rules on 7 August 2007. Now, external commercial borrowings (ECBs) over $20 million have been permissible only for foreign currency expenditure for allowable end-uses and are required to be parked abroad.