Business Daily from THE HINDU group of publications
Saturday, Jul 12, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Jul 12, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Forex Forex reserves down $3.4 b Our Bureau Mumbai, July 11 The foreign exchange reserves fell by $3.393 billion to $308.397 billion for the week-ended July 4. In the previous week, the reserves had fallen by $691 million to $ 311.79 billion. According to the Reserve Bank of India’s Weekly Statistical Supplement, foreign currency assets dropped by $3.389 billion to $298.661 billion during the week under consideration. A treasury official at a public sector bank attributed the fall to RBI’s special market operations for meeting the dollar requirements of public sector oil companies. Oil companies sell their oil bonds to the RBI for dollars under the special market operations. The RBI may have also sold dollars in the spot market, said the official. During the week in question, the price of global crude had spiked up to $146 per barrel. 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. Gold fell by $6 million to $9.21 billion while SDRs remained unchanged at $ 11 million. The reserve position in the IMF fell by $ 10 million to $ 517 million. More Stories on : Forex
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