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After rising for four consecutive weeks, foreign exchange reserves fell $237.5 million for the week ending June 26 to $355.22 billion, show data released by the Reserve Bank of India on Friday.
Foreign currency assets, a key component of foreign exchange reserves, fell $216.6 million to $330.5 billion.
During the week gold reserves remained unchanged at $19.34 billion.
The special drawing rights fell $15.8 million to $4.06 billion, while India’s reserve position with the International Monetary Fund stood at $1.32 billion, recording a fall of $5.1 million.
Meanwhile, the rupee ended at 63.44 compared with the previous close of 63.51. It opened at 63.43 and during intraday trades, touched a high of 63.35. The rupee had ended at 63.44 per dollar on May 5, 2015.
“There were capital flows today and even exporters were selling dollars due to which the rupee appreciated,” said Ashutosh Khajuria, president (treasury), Federal Bank. According to Khajuria the market has stopped looking at the Greece debt crisis until the referendum comes out and therefore people were doing their normal business.
