Financial Daily from THE HINDU group of publications
Sunday, Jan 27, 2002
Financial Daily from THE HINDU group of publications Sunday, Jan 27, 2002 |
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Forex Money & Banking - Forex Forex reserves cross $49 b Our Bureau
MUMBAI, Jan. 26 THE country's forex reserves increased by $298 million to $49.225 billion as on January 18, 2002. Authorised forex dealers attributed the rise in reserves to inflow of export earnings, NRI and FII remittances. If the trend continues, the foreign exchange reserves would cross $50 billion before March 31, dealers said. However, the fall in the euro and a weakening trend in the rupee last week needed to be watched, they said. The rupee lost around 10 paise last week. On Friday, the rupee closed at 48.34/35 to a dollar. The rupee witnessed slight volatility midweek reportedly following large dollar buying by a foreign bank. However, dealers said the comfortable reserve position would keep the rupee steady. According to forex dealers, the euro fell by 100 basis points on Friday. As per the figures released by the Reserve Bank, the forex reserves had gone up to $49,225 million as on January 18, 2002 from $48,927 million in the previous week. Gold and special drawing rights (SDRs) remained unchanged at $2.856 billion and $5 million respectively for the week.
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