Financial Daily from THE HINDU group of publications
Sunday, Jan 26, 2003
Financial Daily from THE HINDU group of publications Sunday, Jan 26, 2003 |
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Money & Banking
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Forex Forex reserves up at $72.40 b Our Bureau
MUMBAI, Jan. 25 THE country's forex reserves have surged by $1.053 million to touch $72.400 billion for the week ended January 17, 2003, as compared to $71.347 billion in the previous week, according to the latest RBI statistics. Forex dealers contend that the NRI dollar inflows are expected to flood the Indian markets unabated, as interest rates are attractive here. "The dollar is on the downslide and is getting a drubbing against almost all international currency majors. India is still perceived as a safe haven as compared to other Asian economies for investors,'' said a forex dealer. Buoyed by the inflows, the domestic currency is on an appreciation spree ending the week stronger by around six paise at 47.8850/89 Friday last. Market players feel in event of a war between the US and Iraq, dollar inflows into India will still continue. Meanwhile, according to the weekly statistical supplement of the RBI, foreign currency assets increased by $1,053 million to touch $68.949 billion. Gold reserves were at $3.444 billion, while special drawing rights (SDRs) remained at $7 million.
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