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Our Bureau

Mumbai , Aug. 25

Foreign exchange reserves have risen by $273 million due to an increase in foreign currency assets for the week ended August 18.

According to the Reserve Bank of India's Weekly Statistical Supplement, the reserves rose by $273 million to touch $165.367 billion for the week ended August 18. In the previous week, the reserves had fallen by $701 million to touch $165.094 billion.

Foreign currency assets increased by $273 million to touch $158.042 billion during the week. Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen.

The euro traded between $1.2736 and $1.2868. "There was a revaluation of currencies during the week under consideration. Global currencies had gained against the dollar,'' said a chief dealer at a private bank. "FII inflows into the domestic equity markets also helped the forex reserves to gain," he said. There was an FII inflow of around $492.5 million into the equity market during the week under consideration.

Gold reserves remained unchanged at $6.557 billion. The reserve position in the IMF remained unchanged at $767 million.

Dealers said that the Reserve Bank of India hardly intervened in the market since the rupee was stable. The direction of rupee against the dollar would depend on the statements to be made by Dr Ben Bernanke, Governor, Fed Reserve, today. He may hint on the further interest rate changes in the US economy, the dealer said. A hike in interest rate would help the dollar strengthen against the global currencies.

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