The Hindu Business Line : Steady inflows boost forex reserves by $452 m

THE country's forex reserves grew by $452 million taking the kitty to $93.663 billion for the week ended November 14. The increase seen in the reserves was higher in the previous week at $613 million.

According to the latest RBI statistics, the increase was by way of foreign currency assets by $453 million to $89.740 billion, while special drawing rights declined by $1 million to $3 million and gold assets were steady at $3.920 billion.

The increase was by way of financial institutional investor (FII) inflows into the stock markets, which was rather steady during that period and also the revaluation of the basket of currencies held by the RBI, said the treasury head of a private sector bank.

Meanwhile, in the local currency markets there was much volatility with the rupee staging sharp movements in both directions. The high was the opening levels of Monday when the rupee was at 45.42 in its value against the dollar after which there were sharp falls day after day till it touched Rs 45.94.

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