Forex reserves marginally up at $29.29 billion on October 26

KOLKATA: India's foreign exchange reserves rose by a mere $55.6 million to $296.291 billion in the week ended October 26, as overseas investors withdrew more money from the local markets than what they had invested in.

Forex traders said the higher outflows may continue this week too while inflows is likely to be much lesser as New York re-mains virtually closed due to devastation caused by superstorm Sandy.

"There is almost no inflows seen this week," said Basix Forex director KN Dey.

For the week under review, foreign currency assets rose $87 million to $260.465 billion for the week, Reserve Bank of India said in weekly statistical report released Friday.

Foreign currency assets expressed in dollar terms include the effect of appre-ciation or depreciation of non-US currencies such as euro, pound and yen held in the reserves.

The country's reserve in the International Monetary Fund fell $10.6 million to $2.261 billion and special drawing rights or SDR fell $20.7 million to $4.433 billion.