India’s foreign exchange reserves fell for the next time in a row by $2.58 billion to $252.18 billion in the week ended January 16, 2009 mainly due to revaluation of foreign currency and heavy pullout by the foreign institutional investors (FIIs).
According to the data by the Reserve Bank of India (RBI) the foreign currency assets fell by $2.57 billion to $242.85 billion during the period.
During the week under review, FIIs were net sellers in the equity market to the tune of $482 million against $178 million in the previous week. Gold and SDRs remained unchanged in the reserve. The reserve position in the IMF fell by $11 billion to $843 million.
