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Our Bureau

Mumbai, Nov. 23 The country’s forex reserves increased by $967 million for the week to touch $271.148 billion for the week ended November 16, as per figures released by the RBI.

The forex reserves had increased by $3.663 billion to touch $270.181 billion in the previous week.

Forex reserves have been rising for over two months now. The buying of dollars by the RBI to keep the rupee from appreciating suddenly has also helped augment the forex kitty.

Foreign currency assets increased by $978 million to touch $262.901 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 dollar had touched an 18-month low against the yen and was weak against the euro as well.

The net inflows from FIIs were to the tune of $238.4 million, according to figures from SEBI.

In the week under consideration, the increase in reserves was only on account of currency revaluation, because gold was unchanged and SDRs saw a decrease.

Gold was unchanged at $7.811 billion and SDRs fell by $10 million to $3 million.

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