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Our Bureau

Mumbai , Dec. 15

After going up for three weeks in a row, forex reserves fell marginally for the week ended December 8 mainly due to change in currency assets.

According to figures released by the Reserve Bank of India, forex reserves decreased by $ 45 million to $ 175.444 billion. In the earlier week, forex reserves had risen by $ 2.707 billion to touch $ 175.489 billion. Foreign currency assets expressed in dollars include the effect of appreciation or depreciation in non-US currencies (such as euro, sterling and yen) held in reserves.

The euro traded between $ 1.3370, a 20-month high, and $ 1.3280 in the week under review.

Gold and SDRs were unchanged at $ 6.494 billion and $ 1 billion respectively. India's reserve position in the IMF too was the same at $ 549 million.

Next week the rupee is likely to be range-bound between 44.60 and 44.90, said dealers. "Even though US data has been good and the dollar was stronger against global currencies, there are good dollar inflows in the domestic currency market," said a dealer with a private bank.

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