Business Daily from THE HINDU group of publications
Saturday, Nov 03, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Nov 03, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Forex reserves rise $1.3 b Our Bureau Mumbai, Nov 2 Forex reserves were up by $1.307 billion to touch $262.450 billion, for the week ended October 26, according to figures released by the Reserve Bank of India. The rise was mainly on account of currency revaluation. The gain was lower than the previous week’s rise of $4.457 billion, when the forex reserves touched $ 261.143 billion. Forex reserves have been rising for over two months now. It has also been aided by the Reserve Bank of India buying dollars to keep the rupee from appreciating. In the week under consideration, the euro was strong against the dollar as it moved from $1.4236 to $1.4319. As per the Reserve Bank of India’s Weekly Statistical Supplement, the foreign currency assets went up by $1.305 billion to $254.629 billion for the week concerned. 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. The reserve position in gold and SDRs was unchanged at $ 7.367 billion and $ 13 million, respectively. The reserves in IMF went up by $2 million to $441 million. According to a forex dealer, the rupee is likely to touch 39.25 in the coming week More Stories on : Forex
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