Business Daily from THE HINDU group of publications
Saturday, Jul 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 28, 2007 ePaper |
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Money & Banking
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Forex Forex reserves up by $3.1 b
Our Bureau Mumbai, July 27 The country’s forex kitty swelled by $3.087 billion to $222.043 billion for the week ended July 20 on continuous RBI intervention in the forex market and revaluation of non-dollar currencies, especially the euro against dollar. The reserves had gone up by $4.12 billion to $218.956 billion for the week ended July 13. Foreign currency assets rose $3.087 billion to $214.79 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 RBI has been intervening in the forex market at 40.35 and 40.27 levels, trying to put a cap on rupee appreciation,” said a dealer with a private bank. Gold reserves and SDRs remained the same at $6.787 billion and $1 million, respectively. The country’s reserve position in the IMF fell by $4 million to $465 million.
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