The Hindu Business Line : Forex reserves up $3.4 billion

The foreign exchange reserves increased by $3.418 billion to touch $288.316 billion for the week ended January 25, according to the weekly statistical supplement released by the Reserve Bank of India.

In the earlier week, the reserves had increased by $3.169 billion to touch $284.898 billion.

The forex reserves have been seeing a rise for quite a few weeks now, mainly because the RBI has been buying dollars to keep the rupee from appreciating. Currency revaluation is also another reason for the rise in forex reserves.

This was the week when the yen touched a two-and-a-half-year high against the dollar.

In the week under consideration, foreign currency assets increased by $3.411 billion to touch $279.545 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.

Gold was unchanged at $8.328 billion. SDRs increased by $6 million to touch $9 million and the country’s reserve position in the IMF increased by $1 million to touch $434 million.

According to a chief forex dealer, the rupee is likely to see flat movement next week, and trade between Rs 39.34 on the higher side and Rs 39.45 on the lower side.

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