Forex kitty

Mumbai, Nov. 15: The country’s forex reserves continued to slide as it fell $1.5 billion to $251.36 billion in the week ended November 7. India’s foreign exchange shrunk $64.5 billion in the past six months in the face of a global meltdown. During the week, foreign currency assets fell $1.51 billion to $242.52 billion from $244.04 billion in the previous week, the RBI said in its weekly report.

Crude output

Tehran, Nov. 15: Iran, one of the leading oil producers of the Organisation of the Petroleum Exporting Countries, will seek a cut in crude production by 1-1.5 million barrels per day when the oil cartel meets in Cairo later this month, a state television reported. “It is best that at the meeting in Cairo a decision be made for another decrease of 1 million to 1.5 million barrels per day,” Iran’s Opec representative Mohammad Ali Khatibi said.