Business Daily from THE HINDU group of publications
Saturday, Mar 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 22, 2008 ePaper | Mobile/PDA Version |
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Forex Money & Banking - Forex Forex reserves rise by $3 b on revaluation Our Bureau Mumbai, March 21 The country’s foreign exchange reserves went up by $3.028 billion to $306.488 billion for the week-ended March 14. The increase is mainly on account of revaluation of currency assets. The dollar had depreciated against major currencies during the week under consideration. Euro and yen gained against the dollar. The euro surged to $1.5554 on March 15, while the yen also appreciated against the greenback and was seen trading below ¥100 against the dollar. The foreign currency assets grew by $3.025 billion at $296.496 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 had increased by $2.225 billion at $303.460 for the week-ended March 7. Incidentally, FIIs were net sellers to the tune of Rs 232 crore in the equities market during the week-ended March 14. More Stories on : Forex | Forex
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