Financial Daily from THE HINDU group of publications
Sunday, Feb 09, 2003
Financial Daily from THE HINDU group of publications Sunday, Feb 09, 2003 |
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Forex Money & Banking - Forex Forex reserves rise $378 m Our Bureau
MUMBAI, Feb. 8 THE country's forex reserves have risen by $378 million to touch $73.583 billion for the week ended January 31, 2003, from $73.205 billion in the previous week, according to the latest RBI statistics. Reserves have been rising steadily on account of consistent dollar inflows, which have also been responsible for the firming up of the domestic currency. The rupee ended Friday at 47.7050 per dollar. Forex dealers contend that the market which has already been flush with dollars might have seen some fresh inflows post-rate cuts announced by Bank of England, after which some players might have brought the greenbacks to avail themselves of some interest rate arbitrage. According to the weekly statistical supplement of the RBI, foreign currency assets increased by $134 million to touch $69.888 billion. Special drawing rights (SDRs) remained at $7 million.
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