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Our Bureau

Mumbai , June 30

The foreign exchange reserves have fallen by over $1 billion for the week ended June 23, due to a decline in the foreign currency assets. In the previous week, reserves had increased marginally.

According to the Reserve Bank of India's Weekly Statistical Supplement, reserves have decreased by $1.073 billion to $161.96 billion, against $163.03 billion in the previous week.

The foreign currency assets for the week have declined by $1.07 billion to touch $154.177 billion. Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of currencies such as euro, sterling and yen.

Dollar strong

According to dealers, the dollar had strengthened against all major currencies for the week under consideration. `There were also speculations in the market over the interest rate hike in the Federal Open Market Committee meet, impacting the dollar,' said a chief dealer at a private bank.

The euro was trading within the range of $1.2542 to $1.2630. FII outflows during the week in question were around $76.9 million. "There could have been an intervention by the RBI as well. It may have sold dollars," said the dealer.

Gold reserves remained unchanged at $7.010 billion. The reserve position in the IMF declined by $3 million to $773 million.

Dealers said the rupee might not appreciate beyond 45.85 in the next week.

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