Business Daily from THE HINDU group of publications
Saturday, Jul 07, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 07, 2007 ePaper |
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Money & Banking
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Forex Forex reserves rise $937 m
Our Bureau Mumbai, July 6 Forex reserves have increased by $937 million to $213.486 billion for the week-ended June 29 on strengthening of non-dollar currencies against the greenback. The reserves had increased by $1.534 billion to $212.549 billion for the week ended June 22. Foreign currency assets rose $936 million to $206.114 billion, said the RBI’s Weekly Statistical Supplement. 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 main reason for an increase in forex reserves is due to revaluation of non-dollar currencies against the dollar. The euro has strengthened to $1.366 levels against the greenback,” said a dealer at a private bank. Gold reserves and SDRs remained unchanged at $6.911 billion and $1 million, respectively. The country’s reserve position in the IMF increased $1 million at $460 million. Dealers said the rupee is expected to trade in the range of 40.50-40.60.
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