Forex reserves decline by $3.23 bn to $654.86 bn; rupee surges 10 paise

WITH the rupee plumbing new lows and touching 84.88 to the dollar last week, the Reserve Bank continued to sell the greenback, leading to a further fall in the forex reserves by $3.23 billion to $654.86 billion for the week to December 6.

- BENN KOCHUVEEDAN

After eight weeks of steep declines, forex reserves had gained marginally in the previous reporting week. As per the weekly statistical supplement released by the central bank Friday, foreign exchange reserves declined by $3.23 billion to $654.86 billion during the week ending December 6. In the preceding eight weeks, the reserves had lost by over $55 billion.