On the back of increase in foreign currency and assets collections, forex reserves have declined $2 million to $228,847 million as on Aug. 31, 2007.

According to the Reserve Bank of India (RBI) weekly statistical supplement released on Sept.7, 2007, foreign currency and assets came up to USD 4 million on the back of USD 221,509 million increase.

Mumbai: The rupee inched towards a nine-year high today, as dealers purchased the local unit on expectations for capitalists flows into the securities market, though worries about the fallout from the U.S. mortgage market restricted advancements.

At 9:45 a.m., the rupee stood at 40.69/70 a dollar, mounting from its previous close of 40.79/80. It beat a nine-year record of 40.20 in July.

Mumbai: Dragged down by growing oil costs and import payments by refiners, the Indian rupee could relieve today.