• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai , April 24

FOREX kitty was fortified by another $1.532 billion for the week ended April 16, 2004, to touch $117.592 billion, as per the latest RBI statistics.

Total reserves were burgeoning at $116.06 billion in the previous week, aided by an extraordinary accretion of $3.37 billion.

While previous weeks rise in reserves was mainly on account of the tremendous dollar inflows, FII money chasing the recently concluded, ONGC and ICICI Bank public issues, the growth in reserves for the week ended April 16, was in keeping with market expectations, reflecting regular trade flows and RBI's absorption of excess dollars, said analysts.

For the week ended April 16, the rise in reserves that was also aided by the $1.543-billion increase in foreign currency assets aggregating $112.103 billion, was counteracted by a $11-million drop in RBI's reserves position with the International Monetary Fund, as per the RBI's weekly statistical supplement (WSS).

Foreign currency assets expressed in dollar terms include the effect of appreciation and depreciation of non-US currencies such as euro, sterling and yen held in the reserves.

Despite good dollar inflows in the market, the domestic currency ended at 44.05 per dollar on Friday, around 15 paise weaker than its closing on Monday at 43.89/90.

More Stories on : Forex | Forex

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

Stories in this Section
Forex reserves up at $117.59 billion

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