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Forex reserves up $200 m

Our Bureau

MUMBAI, Oct. 5

THE country's forex reserves have risen by $200 million to touch $62.721 billion for the week ended September 27, 2002 as compared to $62.521 billion in the previous week, according to the latest figures released by the Reserve Bank of India.

Reserves have risen on account of consistent dollar inflows over the past few weeks in the form of FDI and other investments, according to forex dealers. "Sentiment is good in the markets. Lot of inward remittances are also coming in consistently,'' said a dealer with a private sector bank.

Meanwhile, the Indian currency ended the week strong at 48.3550/3625 in a supply driven forex market. The rupee has been trading steady and has been range bound on account of substantial dollar inflows and lacklustre demand for the greenback.

According to the Weekly Statistical Supplement (WSS) of the RBI, foreign currency reserves also rose by $200 million to touch $59.503 billion for the week ended. Gold reserves remained at $3,208 billion, while special drawing rights remained at $10 million.

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