The Hindu Business Line : Forex reserves up by $1.46 b

Mumbai June 22 The country's foreign exchange reserves rose $1.468 billion to $211.015 billion in the week ended June 22 mainly due to the RBI's intervention in the forex market.

The reserves had increased by $1.174 billion to $209.547 billion in the week ended June 8.

The foreign exchange kitty has seen accretion to the tune of $7.028 billion in four consecutive weeks.

Foreign currency assets rose $1.469 billion to $203.646 billion, according to RBI's Weekly Statistical Supplement.

Treasury officials said the RBI had continued to intervene in the forex market last week to rein in the appreciating rupee.

"The RBI's presence in the market is evident in the excess cash in the system. The intervention is shoring up the forex reserves," said a senior treasury official at a private bank.

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

Gold reserves and SDRs remained the same at $6.911 billion and $1 million, respectively.

The country's reserve position in the IMF fell by $1 million to $457 million.

Market participants expect the RBI to continue intervening in the forex market and prevent the rupee from appreciating below 40.50.