Forex kitty

Mumbai, Aug. 16: The country’s foreign exchange reserves fell $5.46 billion to $300.01 billion for the week ended August 8 from $305.47

in the previous week, registering a fall in its foreign reserves for the fourth consecutive week. During the week, foreign currency assets fell $5.45 billion to $289.76 billion, the Reserve Bank of India said in its weekly report.

SocGen hurdle

New Delhi, Aug. 16: The government has put on hold Societe Generale’s (SocGen) proposed joint venture with the State Bank of India for running custodial and depository services after the Reserve Bank of India raised concerns over its $7-billion securities fraud this year.