The Hindu Business Line : Forex reserves rise $2 b

Mumbai, Feb. 22 The foreign exchange reserves rose by $2.048 billion to touch $292.856 billion for the week ended February 15 due to rise in foreign currency assets. The reserves had fallen by $1.86 billion to $290.8 billion in the previous week (February 8).

Foreign currency assets rose by $2.055 billion to $283 billion in the week ended February 15.

“There were not much of foreign institutional investor inflows during the week under consideration. So, it could have been a revaluation effect of currencies,” said the chief forex dealer at a private bank.

During the week under consideration, the euro appreciated from $1.4520 to $1.4670. The pound also rose from $1.945 to $1.965.

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 gold reserves remained unchanged at $9.19 billion. The country’s reserve position in the IMF fell rose by $2 million to $419 million.

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