The Hindu Business Line : Forex reserves rise by over $2 b

As per the RBI's Weekly Statistical Supplement, the country's foreign exchange kitty increased by $2.037 billion to touch $142.637 billion, up from $140.600 billion in the previous week.

For the week ended July 29, the forex reserves had surged by over $3.062 billion.

Foreign currency assets for the week ended August 5 increased by $2.079 billion to touch $136.66 billion during the week under consideration. Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

Gold fell by $58 million to touch $4.395 billion.

The country's reserve tranche position in IMF, however, increased by $16 million to touch $1.572 billion. SDRs remained unchanged at $4 million.

According to the treasury head of a private bank, strong FII inflows into the country's stock market as well as external commercial borrowings would have contributed to the steep rise.

He said since the revaluation of the yuan, the sales of exporters would have generated dollars, which in turn was mopped up by the RBI.

The FII inflow into the equity market during that week was $582.7 million, according to the Securities and Exchange Board of India Web site. In the coming week, the rupee is likely to be in the range of 43.45-43.70.

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