Forex reserves decline
Mumbai, Oct. 11: India’s foreign exchange reserves have declined by $1.58 billion to $87,738 million in the week ended October 3, following the redemptions of State Bank of India’s Resurgent India Bonds (RIBs) in the first week of this month. The foreign currency assets have reduced by $1,788 million at $83,815 million in the period under review, according to the Reserve Bank of India’s weekly statistical supplement issued here today. The RBI, on October 1, had said that the foreign exchange outgo in RIBs redemption was equivalent to $5.18 billion.
Mumbai, Oct. 11: The Reserve Bank has asked banks not to borrow from its offshore banking unit (OBU) and said that OBU’s exposures in a domestic tariff area will be restricted to external commercial borrowings.