The Hindu Business Line : Forex reserves rise by $51 million

THE country's forex reserves rose by $51 million to touch $129.429 billion during the week ended January 21, as per the latest RBI statistics. Reserves were at $129.378 billion the previous week.

The rise is mainly due to a revaluation in the central bank's basket of currencies, as reflected by the rise in RBI's foreign currency assets, according to analysts.

During this period, foreign currency assets grew by $59 million to touch $123.433 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation and depreciation of non-US currencies such as euro, sterling and yen, as per the Weekly Statistical Supplement of RBI. However, the rise in foreign currency assets was offset by a $8-million dip in the reserve tranche position, which came down to $1.409 million.

Gold reserves remained steady at $4.582 billion, while special drawing rights were at $5 million.

Meanwhile, the domestic currency closed stronger at 43.72-43.25 against the dollar on Friday, helped up by good dollar inflows and increased fund buying interest in the equities market. Dealers expect the domestic currency to hold steady against the greenback next week.

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