Financial Daily from THE HINDU group of publications
Saturday, Jan 14, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 14, 2006 |
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Forex Money & Banking - Forex Forex reserves rise by over $2 b Our Bureau
Mumbai , Jan. 13 FOREIGN exchange reserves surged over $2 billion during the week-ended January 6, due to currency revaluation and FII inflows. This is after a sharp decline of over $6 billion due to India Millennium Deposits redemption, in the earlier week. According to Reserve Bank of India's Weekly Statistical Supplement, for the week-ended January 6, foreign exchange reserves increased by $2.146 billion to touch $139.352 billion, against $137.206 billion in the earlier week. The redemption of the IMD had caused an outflow of $6.844 billion from the reserves. In the period under review, the euro gained against the dollar and touched levels of $1.2101. Net FII inflow into the domestic equity market was $500.8 million, according to figures from SEBI. A dealer with a private bank said the accretion to the forex reserves could be due to the 100-point gain by the euro during that week and strong FII inflows. Some of the IMD outflows may have returned to banks, which may have accrued to the reserves, the dealer said. For the week under consideration, foreign currency assets increased by $2.136 billion to touch $133.154 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen. Gold remained unchanged at $5.274 billion and SDRs were the same at $5 million. India's position in the IMF increased by $10 million to touch $919 million. In the next week, the rupee could be range bound between 44.10-44.50 as it tracks the overseas currencies, market participants said.
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