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Our Bureau

Mumbai March 16 For the first time in eight weeks, India's forex reserves dipped $224 million to $194.410 billion for the week ended March 9.

In the last two months, the reserves had surged $17.7 billion primarily on RBI's intervention in the forex market. In the previous week, reserves rose $1.5 billion to touch $194.6 billion.

Foreign currency assets dropped $224 million to $187.058 billion during the week under consideration, said the RBI's Weekly Statistical Supplement.

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.

A senior treasury official said during the week under consideration, RBI had not bought dollars in the forex market to rein-in the rupee. "The rupee was steady at 44.21 at the end of the week under consideration. There might have also been a small revaluation effect," said the official.

The yen had fallen from 115.16 to117.50 against the dollar while the euro was steady at $1.3150. There were FII outflows of around $64.8 million from the stock market during the week.

Gold and SDRs remained unchanged at $6.883 billion and $2 million respectively. The country's position in the IMF however fell by $4 million.

The rupee is likely to be in the range of 44-44.20 in the next week as dollar inflows in the forex market are likely to continue, said a dealer.

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