India’s forex reserves decline

India’s foreign exchange (forex) reserves declined by $250 million to $288.91 billion for the week ended Aug.17, 2012, the Reserve Bank of India’s (RBI) data showed. The reserves had increased by $17.8 million to $289.16 billion for the week ended Aug.10, 2012. The reserves had earlier risen by $502.2 million to $289.15 billion for the week ended Aug.3, 2012. The Reserve Bank of India is believed to have sold dollars during these weeks to curb the slide in the rupee’s value. The partially convertible rupee slumped by 25 paise against the US dollar and stood at 55.39 against a US dollar on Friday. From gulftoday