The Hindu Business Line : Forex reserves up $294 m

THE country's foreign exchange reserves saw an accretion of $294 million for the week ended October 7 on account of an increase in foreign currency assets.

According to the Reserve Bank of India's Weekly Statistical Supplement, the total reserves stand at $143.353 billion against $143.059 billion in the earlier week.

The forex reserves had inched up by $42 million in the previous week due to an increase in the gold reserves.

For the week under review, the foreign currency assets rose by $290 million to touch $137.210 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

Gold and Special Drawing Rights remained unchanged at $4.712 billion and $4 million, respectively.

The country's reserve position in the IMF, however, rose by $4 million to touch $1.427 billion.

As per figures from SEBI, the foreign institutional investor outflow from the equity market for the week under consideration was about $114 million.

The euro, which was at $1.193 against the dollar on October 3, ended the week at $1.214.

In the coming week, the official said, the rupee was likely to ease to 44.75 with more of RBI intervention in the market, selling dollars through PSU banks.

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