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Sunday, Oct 27, 2002

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Forex reserves cross $64 b

Our Bureau

MUMBAI, Oct. 26

FOREX reserves of the country have risen by $126 million to touch $64.068 billion for the week ended October 18, as compared to $63.932 billion in the previous week, according to the latest figures released by the RBI.

Forex dealers said that since the rupee has been falling on its own, the apex bank has not been mopping up dollar liquidity. "Since the currency lost a few paise last week the RBI possibly felt that the depreciation, though marginal, was market determined. This is a reason why it didn't mop up liquidity so actively," said a forex dealer with a private sector bank.

The rupee closed the week steady at 48.3650/37 per dollar. Dealers said, that the rupee might fall a little on account of month end demand for the greenback, but is expected to remain stable in the near term.

Meanwhile, according to the weekly statistical supplement of the RBI, foreign currency assets have risen by $ 126 million to touch $ 60.748 billion for the week ended October 18.

Gold reserves remained at Rs 3,300 crore, while special drawing rights remained at $10 million.

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