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Mumbai, Jan. 4 After subsequently falling for two weeks, the country’s forex reserves increased by $2.837 billion at $275.559 billion for the week ended December 28, 2007, following the Reserve Bank of India’s intervention in the forex market, said foreign exchange dealers.

The reserves had fallen by $232 million to $272.722 billion for the week ended December 21, said the Weekly Statistical Supplement from the RBI. “The central bank was buying dollars through state-run banks to cap the appreciation of rupee during the week under consideration, thereby infusing rupee funds into the system. There was also some revaluation of currency assets,” said a dealer at a private bank.

The foreign currency assets grew by $2.833 billion at $266.767 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 reserves in gold and SDRs remained unchanged at $8.357 billion and $3 million. The reserves in IMF increased by $4 million at $432 million.

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Forex reserves rise $2.8 b

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