Business Daily from THE HINDU group of publications
Saturday, Aug 19, 2006
Business Daily from THE HINDU group of publications Saturday, Aug 19, 2006 |
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Money & Banking
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Forex Forex reserves decline $700 m Our Bureau
Mumbai , Aug. 18 Forex reserves have declined by $701 million due to a decrease in foreign currency assets. According to the Reserve Bank of India's Weekly Statistical Supplement, the reserves fell by $701 million to touch $165.094 billion for the week ended August 11. In the previous week, the reserves had increased by $1.772 billion to $165.795 billion. Foreign currency assets decreased by $696 million to touch $157.769 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. The euro traded between $1.2842 and $1.2873. "There was a revaluation of currencies during the week under consideration. The dollar had strengthened against the euro due to which the forex reserves kitty shows a decline," said a dealer at a private bank. There was an FII inflow of around $189.4 million into the equity market during the week under consideration. Gold reserves remained unchanged at $6.557 billion. The reserve position in the IMF increased by $1 million to touch $767 million. Special Drawing Rights have shown a decrease of about $6 million to touch $1 million. Dealers said the rupee was expected to be range-bound.
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