Business Daily from THE HINDU group of publications
Saturday, Jan 20, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jan 20, 2007 ePaper |
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Money & Banking
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Forex Industry & Economy - Economy Forex reserves up $841 m Our Bureau
The forex kitty had seen a dip of $ 666 million in the previous week, which had closed with reserves at $176.585 billion. According to Reserve Bank of India's weekly statistical supplement, foreign currency assets increased by $ 845 million to $ 170.367 billion for the week ended January 12. 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. Treasury officials said foreign exchange supplies to the market during the week as well as the revaluation effect could have contributed to the spurt in the reserves. The sterling rose to $ 1.9490, buoyed by Bank of England's hike in interest rates. The dollar, however, strengthened against the euro, to $ 1.2906, from $ 1.3007 at the beginning of the week. The European Central Bank decided to keep interest rates untouched during the week in question. The weekly statistical supplement said that gold and SDRs remained unchanged at $ 6.517 billion and $ 1 million, respectively. The country's reserve position in the IMF fell by $4 million to $541 million.
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