Business Daily from THE HINDU group of publications
Saturday, Oct 27, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Oct 27, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Forex reserves up $4.457 b Our Bureau Mumbai, Oct. 26 Forex reserves went up by $4.457 billion to $261.143 billion for the week ended October 19, backed by revaluation of currency assets. “The gold prices have gone up in the international market and the euro is also going up,” said Mr K. Harihar, Executive Vice-President, Head-Treasury and Financial Institutions, Development Credit Bank. He also said that the reserves are expected to go further up. “Unless one becomes bearish on the economy, the reserves are bound to grow,” he said. The reserves had gone up by $5.356 billion to $256.686 billion for the week ended October 12, said the Weekly Statistical Supplement from the Reserve Bank of India. Foreign exchange dealers said that sustained intervention by the RBI in the forex market in order to cap the appreciation of rupee had also contributed to the increase in reserves. The foreign currency assets went up by $4.444 billion to $253.324 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 country’s reserve position in SDRs went up by $11 million to $13 million while that for gold remained unchanged at $7.367 billion. The reserves in IMF went up by $2 million to $439 million. More Stories on : Forex
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