Financial Daily from THE HINDU group of publications
Sunday, Nov 16, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 16, 2003 |
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Money & Banking
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Forex Forex reserves rise $ 613 m Our Bureau
Mumbai , Nov 15 A REVALUATION in the Reserve Bank of India's basket of currencies has propped up the country's foreign exchange reserves by another $ 613 million for the week ended November 7, according to the latest RBI statistics. Forex reserves grew to $ 93.211 billion compared to $ 92.598 billion in the corresponding period, the previous week. Foreign currency assets also increased by $ 613 million to touch $ 89.287 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation and depreciation of non-US currencies, such as the euro, the sterling, the yen, held in the reserves, as per the Weekly Statistical Supplement (W.S.S) of RBI. Gold reserves were steady at $ 3.920 billion and special drawing rights were steady at $ 4 million. Meanwhile, the domestic currency inched up to close weaker at 45.42 against the dollar on Friday. According to forex dealers, the central bank has been steadily mopping up excess dollar liquidity, on account of huge FII inflows into the equity markets. "RBI is holding the rupee at these levels and the amount of sterilisation from the market will be reflected next weeks reserves where there might be a jump of $ 1 billion," said a dealer.
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