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Our Bureau

Mumbai April 27 The country's foreign exchange reserves rose by $789 million to touch $203.881 billion in the week ended April 20, due to the revaluation effect.

The forex kitty had seen an accretion of $2.772 billion to $203.092 billion in the previous week.

According to the RBI's Weekly Statistical Supplement, foreign currency assets during the week ended April 20 increased by $788 million to $196.632 billion.

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 relatively marginal rise in forex reserves would have been due to the revaluation effect. Besides, the RBI had not intervened in the forex market," said a senior treasury official.

The euro gained from $1.35 to $1.36 against the dollar while the pound jumped from $1.98 to $2 during the week under consideration. Foreign institutional investor inflows into the equity market were $625 million.

Gold reserves and SDRs remained unchanged at $6.784 billion and $2 million, respectively. The country's reserve position in the IMF rose by $1 million to $463 million.

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