Financial Daily from THE HINDU group of publications
Sunday, Mar 28, 2004
Financial Daily from THE HINDU group of publications Sunday, Mar 28, 2004 |
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Forex Money & Banking - Forex Forex reserves rise $402 m on dollar mop-up Our Bureau
Mumbai , March 27 THE foreign exchange reserves of the country increased by $402 million to touch $109.996 billion for the week ended March 19. In the previous week the accretion to the kitty had been $ 464 million. According to the latest weekly statistical supplement released by the Reserve Bank on Saturday, the foreign currency assets increased by $402 million to touch $105.806 billion while special drawing rights and gold reserves were steady at $2 million and $4,190 million respectively. According to forex experts, the increase in the reserves is due to absorption of dollar supplies by the central bank. The expectation is that the dollar supplies will continue. In the dollar-rupee market, the Indian currency appreciated substantially to end at a 46-month high on Friday at the end of a windfall rise against the greenback. The domestic currency ended the week at 44.46/48. The forward premia on the dollar was steady and moved up a tad during the same period. The six months forward contract ended at 0.69 per cent and the one-year closed at 0.65 per cent.
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