Business Daily from THE HINDU group of publications
Saturday, May 10, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, May 10, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Forex Forex reserves fall $371 m Our Bureau Mumbai, May 9 Foreign exchange reserves fell by $371 million, to touch $312.5 billion for the week ended May 2, according to the Reserve Bank of India’s Weekly Statistical Supplement. This is the second time in a row that foreign exchange reserves have fallen. This fall is mainly on account of a fall in the value of gold reserves, which are part of the total foreign exchange reserves. In the previous week, the reserves had fallen by $663 million to touch $312.871 billion. In the week under review, foreign currency assets increased by $248 million to touch $302.576 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves. The euro, which began the week at $1.5476, against the dollar, ended lower at $1.5476. Gold fell by $612 million to $9.427 billion. The week under consideration saw the price of international gold moving downwards from $ 886.05 an ounce, to $854.6. SDRs remained unchanged at $18 million. The country’s reserve position fell by $7 million to $479 million. Next week, the rupee may touch levels of 42 due to negative factors such as the capital inflows drying up and the Government admitting that it may take 7-8 weeks for inflation to stabilise, said the dealer. Inflation for the week ended April 26 rose to 7.61 per cent from 7.57 per cent in the earlier week. More Stories on : Forex
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