The Hindu Business Line : Forex reserves rise by $2.724 b

Mumbai, April 11 The country’s foreign exchange reserves rose by $2.724 billion to touch $311.885 billion for the week ended April 4, due to a rise in foreign currency assets and gold reserves.

The reserves had surged by $4.504 billion to $309.16 billion in the previous week.

Foreign currency assets rose by $2.247 billion to $301.39 billion during the week under consideration.

“Although the RBI intervened in the forex market last week, the volume of dollar inflows was not very high. There could also have been a revaluation effect,” said a forex dealer at a private bank.

During the week under review, the Japanese yen appreciated from 102.21 yen to 101.42 yen. The British pound also gained from $1.9806 to $1.9956.

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 gold reserves increased by $481 million to $10.03 billion. The country’s reserve position in the IMF fell by $3 million to $434 million.

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