• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai May 25 The country's foreign exchange reserves fell by $9 million to $203.98 billion for the week ended May 18, due to a drop in foreign currency assets.

Forex reserves had fallen by $18 million to $203.99 billion in the previous week.

According to RBI's Weekly Statistical Supplement, foreign currency assets fell by $8 million to $196.485 billion.

Foreign currency assets, as expressed in dollars, include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves.

Revaluation effect

Dealers said the fall in forex reserves might have been due to a slight revaluation effect. "The euro and the yen had weakened against the dollar during the week under consideration. The RBI had also not intervened to buy dollars in the forex market," said a dealer at a private bank.

The euro had fallen from $1.35 to $1.348 and the yen had weakened to 121.30 yen from 120.31 yen, during the week. Gold reserves and SDRs remained unchanged at $7.036 billion and $1 million, respectively. The country's reserve position in the IMF dropped $1 million to $460 million.

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
HDFC making preferential issue

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line