The Hindu Business Line : Forex reserves rise $266 m

THE country's forex reserves grew by $266 million for the week ended January 14 to touch $129.378 billion from $129.112 billion in the previous week, as per the latest RBI statistics.

The accretion to the reserves can be ascribed to a revaluation in the central banks basket of currencies, according to analysts.

During this period, foreign currency assets grew by $252 million to touch $123.374 billion.

Foreign currency assets expressed in US dollar terms include the effects of appreciation and depreciation of non-US currencies such as the euro, Sterling and yen, held in reserves, according to the weekly statistical supplement of RBI.

The reserve tranche position with the IMF increased by $14 million to $1.417 billion.

Meanwhile, the domestic currency ended weaker against the greenback at 43.81/82 on Thursday, January 20, after opening the week at 43.66/68 on Monday, January 17.

Dealers expect the rupee to remain bogged down against the dollar in the wake of some expected month-end demand for dollar funds from corporates and other market participants.

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