Business Daily from THE HINDU group of publications
Saturday, Feb 24, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Feb 24, 2007 ePaper |
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Money & Banking
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Forex Forex reserves rise $4 billion Our Bureau
Forex reserves have increased for the sixth consecutive week with foreign currency assets increasing by $3.831 billion to $181.915 billion. The reserves rose by $5.031 billion to $185.078 billion during the week ended February 9. "There has been aggressive intervention by the Reserve Bank of India in the forex market as it would not like the rupee to appreciate sharply against the dollar," said a dealer at a private bank. Dealers said the rupee is likely to trade in the range of 44.22-44.25 next week. The stock markets saw around $182 million in FII inflows during the week under consideration. Foreign currency assets as expressed in dollars include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves. The euro and the sterling had strengthened against the dollar during the week under consideration, which added to the forex kitty, said the dealer. Gold reserves remained unchanged at $6.529 billion, while SDRs too were unchanged at $2 million. India's reserve position in the IMF increased by $3 million to $466 million.
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