The Hindu Business Line : Lower gains from non-dollar investments

Mumbai, March 31 RBI’s portfolio of investments in currencies other than the dollar appreciated at a lower rate relative to the US currency, thus fetching it only a gain of $ 8.9 billion in the nine months ending December 07 compared to a gain of $ 9.4 billion the same period in 2006, a release issued by the RBI said.

The relatively lower gain comes on the back of a large rise in RBI’s foreign exchange reserves which grew from nearly $170 billion to $ 267 billion and a 10 per cent depreciation of the dollar against the euro a competing currency for storing Balance of Payments surpluses.

The RBI added $76.1 billion in reserves during the nine-month period ended December 07 compared to only $25.6 billion in the previous year, the release said.

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