Business Daily from THE HINDU group of publications
Saturday, Jun 14, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Jun 14, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Forex Forex reserves rise $1b Our Bureau Mumbai, June 13 The foreign exchange reserves rose by $1.046 billion to $315.7 billion for the week ended June 6. In the previous week, the reserves had fallen by $1.56 billion. According to the RBI’s Weekly Statistical Supplement, foreign currency assets increased by $1.045 billion to $305.93 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves. During the week under consideration, the euro appreciated from $1.5542 to $1.5710 against the dollar. However, the yen fell from 104.46 yen to 106.25 yen against the dollar. A treasury official at a private bank said that the reserves could have also increased due to foreign direct investment as well as private equity inflows. Gold and SDRs remained unchanged at $9.2 billion and $11 billion, respectively. The reserve position in the IMF increased by $ 1 million to $527 million.Forex dealers said that the rupee could be in the range of 42.80 and 43.00 in the next week. Forex reserves down $1.56 b Forex reserves surge $2.09 billion More Stories on : Forex
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