Financial Daily from THE HINDU group of publications
Saturday, Mar 11, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 11, 2006 |
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Money & Banking
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Forex Forex reserves rise $1.5 b Our Bureau
Mumbai , March 10 The country's foreign exchange reserves increased by $1.558 billion to touch $143.148 billion, for the week ended March 3, due to dollar buying by the Reserve Bank of India and good FII inflows post-Budget. This is the sixth week in a row that foreign exchange reserves have increased. In the earlier week, the reserves had increased by $350 million to $141.590 billion. According to the RBI's weekly statistical supplement, foreign currency assets increased by $1.488 billion to touch $136.643 billion during the week. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen. According to a dealer with a private bank, the RBI has been buying dollars for the past few weeks to infuse rupee liquidity in the system. The euro was unchanged during this period, therefore, it may not have affected the reserves, he said. For the week under consideration, the total FII inflows into the domestic equity market were $633.9 million. Gold increased by $ 67 million to touch $ 5.747 billion. SDRs were unchanged at $3 million. The reserves position in the IMF gained by $3 million to touch $755 million. The rupee is likely to trade in the 44.30-44.60 range next week, the dealersaid.
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