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Our Bureau

Mumbai, Nov. 16 The country’s forex kitty swelled by $3.663 billion to $270.181 billion for the week ended November 9. The reserves had increased by $4.068 billion to touch $266.518 billion for the week ended November 2, 2007, according to the Reserve Bank of India’s Weekly Statistical Supplement.

Foreign exchange dealers said that RBI’s constant intervention in the forex market – buying dollars in order to cap the appreciation of rupee - has attributed to the accretion to the reserves.

The foreign currency assets increased by $3.659 billion at $261.923 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 reserves in gold and SDRs remained unchanged at $7.811 billion and $13 million respectively. The reserve position in IMF went up by $4 million to $434 million.

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