The foreign exchange reserves came down as on October 6, 2000. The rupee during November saw very little movement. The rupee then weakened to 46.45 in November. The foreign exchange reserves came down once again as on October 13, 2000. The rupee did not see much movement in the month of December and was trading in the region of 46.60 to 46.74 per dollar.
Middle East forms the major chunk of revenues in the forex market.
The dawn of the new calendar year did not bring any good news for the rupee. The rupee in January was pretty rangebound. It began at 46.66 per dollar, tumbled to a low of 46.72 per dollar and ended the month on a stable note at 46.40 per dollar. It gained a net of 26 paise. In February, the rupee started its journey at 46.39 per dollar.