Business Daily from THE HINDU group of publications
Saturday, Jun 02, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jun 02, 2007 ePaper |
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Money & Banking
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Forex Forex reserves rise $952 m Our Bureau
Mumbai June 1 The country's foreign exchange reserves rose by around $952 million to $204.934 billion for the week ended May 25, due to the RBI's intervention in the forex market. In the week ended May 18, the reserves had fallen by $9 million to $203.98 billion. According to the RBI's Weekly Statistical Supplement, foreign currency assets increased by $953 million to $197.438 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. Dealers said the RBI had bought dollars in the forex market during the week under consideration to rein in the appreciating rupee. "The RBI had been buying in the market when the rupee was strengthening beyond 40.50," said a senior treasury official at a private bank.
Revaluation effect
Dealers also said there could have been a partial revaluation effect. The sterling had strengthened against the dollar during the week in question from $1.9697 to $1.9845. Gold reserves and SDRs remained unchanged at $7.036 billion and $1 million, respectively. The country's reserve position in the IMF dropped $1 million to $459 million.
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