India's currency rupee, may finally have bottomed out after a persistent weakness, according to Jefferies. In its latest GREED & fear report, the global financial services firm highlighted a "growing likelihood that the rupee has bottomed" following its months-long depreciation.
India's foreign exchange reserves declined by USD 5.623 billion in the week that ended October 31 to USD 689.733 billion, driven by a slump in both foreign currency assets and gold reserves, the Reserve Bank of India's latest 'Weekly Statistical Supplement' data showed.
The Reserve Bank of India (RBI) in its latest report stated that the country's foreign exchange reserves cover of imports (on balance of payments basis) stood at 11.2 months
In its weekly bulletin, the State Bank of Pakistan (SBP) said that its foreign exchange reserves have decreased as of the week ended March 24, which will provide an import cover of less than a month.
According to sources, the development left Pakistan with an import cover of only under a month, as the country grapples with a deteriorating economic crisis while trying to bring down imports amid a dollar shortage.