Financial Daily from THE HINDU group of publications
Sunday, Feb 15, 2004

Cross Currency

Group Sites

Money & Banking - Forex

Forex reserves rise $ 1.6 b

Our Bureau

Mumbai , Feb. 14

THE country's forex kitty has been fortified by another $ 1.609 billion during the week ended February 6. Total foreign exchange reserves now stand at $ 106.607 billion, as per the latest RBI statistics.

In the previous week, the country's forex reserves were aggregating $ 104.998 billion.

According to currency analysts, the accretion to the forex reserves has been in part due to the revaluation of the RBI's basket of currencies and in part due to consistent dollar flows into the country.

Foreign currency assets of the country grew by $ 1.535 billion to touch $ 102.315 billion. According to the Weekly Statistical Supplement (WSS) of the RBI, foreign currency assets expressed in US dollar terms include the effect of appreciation and depreciation of non-US currencies such as Sterling, Euro and Yen held in the reserves.

The rupee is expected to continue on its appreciation mode on account of the steady spate of dollar inflows continuing to flood the market in the wake of relatively low demand for the greenback from corporates.

Meanwhile, according to the WSS, weekly statistical supplement of RBI, gold reserves increased by $ 74 million to touch $ 4.289 billion, while special drawing rights remained steady at $ 3 million.

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves rise $ 1.6 b

Non-food credit up Rs 21,168 cr
Mumbai scores highest in ATM usage: Survey
Govt must keep out of business, says Vaghul

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line