Forex Reserves of India tumble, looses 1.74 Billion Dollar

3rd June 2012

• India’s Foreign exchange reserve plunged by $1.74 billion to $290 billion
• The RBI data showed a sharp fall in the India’s Forex reserves

• The Forex reserves has slipped by 1.80 billion dollar, 1.37 billion dollar and 2.18 billion dollar, respectively, in the last 3 weeks
• The drop in forex reserve mainly attributed to sale of dollar by the RBI to rescue continuously falling rupee.
• The Indian rupee marked a record low in recent weeks and stood at 55.54 against the dollar on June 1, 2012