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Sunday, Feb 17, 2002

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Forex kitty moves up by $201 m

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MUMBAI, Feb. 16

THE country's forex reserves continued their upward trend, gaining by around $ 201 million to touch $ 49.766 billion for the week ended February 8, 2002 as compared to $ 49.565 billion previously.

As per the Weekly Statistical Supplement (WSS) of RBI, the reserves have gained mostly on account of a rise of $ 201 million in foreign currency assets at 46.848 billion.

Gold and special drawing rights (SDRs) remained unchanged at $ 2.913 billion and $ 5 million respectively as on February 8.

Dealers in the forex markets said that huge FII inflows had propped up the reserves.

"During the past week, the markets witnessed good inflows which strengthened the Indian currency,'' said one dealer.

The rupee opened the week at around 48.71/72 to a dollar and closed stronger at 48.66/67 at the close of the week.

Dealers expect the rupee to trade in the band of 48.68-75 for the next week.

According to the treasury head of a foreign bank, ''The RBI has been constantly mopping up dollars when the rupee looks to appreciate beyond levels of 48.65.''

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