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Sunday, Aug 18, 2002

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Forex reserves slip $118 m

Our Bureau

MUMBAI, Aug. 17

THE country's forex reserves have declined by $118 million to $ 60.030 billion for the week ended August 9, 2002, as compared to $ 60.148 billion in the previous week, according to RBI figures.

"The dip in reserves was possibly on account of oil import payments'', said a forex dealer with a private sector bank.

In the previous week, the forex reserves rose by $ 281 million crossing the $60-billion mark.

Despite the drop in the forex reserves, the Indian currency ended the week at an all-time high at 48.5750/58 per dollar. Dealers contend that dollar supplies have been excellent due to inward remittances and exporters selling and the rupee is likely to strengthen to 48.50 levels by month end.

According to the Weekly Statistical Supplement, foreign currency assets declined by $118 million for the week ended August 9, 2002, to touch $ 56.769 billion as compared to $ 56.887 billion in the previous week.

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