Business Daily from THE HINDU group of publications
Saturday, Jun 24, 2006
Business Daily from THE HINDU group of publications Saturday, Jun 24, 2006 |
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Money & Banking
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Forex Forex reserves up $157 million Our Bureau
Mumbai , June 23 The foreign exchange reserves have gained a marginal $157 million for the week ended June 16, due to a rise in the foreign currency assets. According to the Reserve Bank of India's Weekly Statistical Supplement, the reserves have increased to $163.03 billion, against $162.876 billion in the previous week. The reserves had seen a decline of $1.652 billion for the week-ended June 9. The foreign currency assets for the week under consideration gained by $160 million to touch $155.247 billion. Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of currencies as euro, sterling and yen. According to dealers, there was not much of movement between currencies due to which the revaluation effect that causes a rise or fall in the reserves did not occur. The euro slightly gained from $1.2580 to $1.2640. "The central bank was not actively buying dollars last week. Besides, major currencies like the euro did not see much of shift to cause a substantial rise," said the chief dealer at a private bank. FII inflows during the week in question were around $98.9 million. Gold reserves remained unchanged at $7.010 billion. The reserve position in the IMF declined by $3 million to $776 million. Dealers said that the rupee is likely to be in the range of 46-46.30 in the next week. "The US Federal Open Market Committee's meeting on June 29 is awaited. All other major currencies will then take some direction," said a dealer.
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