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Our Bureau

Mumbai March 23 Forex reserves rose by $1.547 billion to $195.957 billion in the week ended March 16. This was mainly due to appreciation of non-dollar currencies against the dollar and net FII inflows into the domestic equity market. Foreign currency assets increased by $1.545 billion to $188.603 billion. The reserves had declined marginally by $224 million to $194.410 billion, during the week ended March 9.

"The forex reserves have risen mainly because the euro appreciated to about $1.33 against the dollar and there was strong net FII inflows into the stock markets," said Mr K. Harihar, Head, Treasury, Development Credit Bank. Dealers said the rupee is likely to trade in the range of 43.85-44 next week.

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.

Gold reserves remained unchanged at $6.883 billion, while SDRs were at $2 million. India's reserve position in the IMF increased by $2 million to $469 million.

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Forex reserves up by $1.54 b

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