• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai June 15 The country's foreign exchange reserve rose $1.174 billion to touch $209.547 billion in the week ended June 8 mainly due to the intervention of RBI in the forex market.

The reserves had surged by $3.439 billion in the week ended June 1. They have now gone up by $5.56 billion in the past three consecutive weeks.

Foreign currency assets rose $1.175 billion to $202.177 billion, according to RBI's Weekly Statistical Supplement.

Treasury officials said that the RBI had been buying dollars in the forex market to prevent the undue appreciation of the rupee.

"Major currencies like the yen had depreciated against the dollar. So, the RBI could have bought more than $1 billion taking into the revaluation effect," said a senior treasury official at a private bank.

Foreign currency assets, expressed in dollars, include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves.

Gold reserves and SDRs remained the same at $6.911 billion and $1 million, respectively.

The country's reserve position in the IMF also remained unchanged at $458 million.

Dealers said the rupee could appreciate to 40.50 as strong dollar inflows are expected from ICICI Bank's fund raising programme next week. Advance tax outflows may put rupee liquidity under pressure and hence aid the appreciation of the domestic currency.

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Allegro plans 15 financial supermarkets in Kerala

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line