Financial Daily from THE HINDU group of publications
Sunday, Oct 31, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 31, 2004 |
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Forex Money & Banking - Forex Forex reserves climb $980 million Our Bureau
Mumbai , Oct. 30 THE foreign exchange (forex) reserves have gone up by $980 million for the week ended October 22. It was after a gap of nearly three months that the forex kitty witnessed a substantial accretion in a single week, said a forex analyst. The rise in the reserves was attributed to foreign currency inflows and the revaluation of currencies. Forex dealers said the increase in the reserves is also partly contributed by foreign institutional investors' (FIIs) investments in the National Thermal Power Corporation's initial public offering. The reserves rose by $980 million to $120.616 billion for the week ended October 22 from $119.636 billion in the previous week, as per the RBI statistics. The accretion of over $1 billion was last witnessed for the week ended August 6. The reserves had last struck a record of $121.1 billion for the week ended July 16.
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