• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

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

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

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

Our Bureau

Mumbai, April 25 The country’s foreign exchange reserves increased by $1.167 billion for the week ended April 18, to touch $313.534 billion, according to the Reserve Bank of India’s Weekly Statistical Supplement.

In the previous week the reserves increased by $482 million to touch $312.367 billion.

The rise in forex reserves was entirely contributed by foreign currency assets, which increased by $1.168 billion to touch $302.988 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

Gold and SDRs remained unchanged at $10.039 billion and $18 million respectively. The country’s reserve position in the IMF fell by $1 million to touch $489 million.

The rupee is likely to remain weak next week said dealers, but it will depend on the RBI’s monetary policy to be announced on April 29. Some dealers said that as inflation continues to be high above 7 per cent, the RBI may announce another hike in the CRR.

“Liquidity is still high and a hike in reverse repo does not really help in absorbing liquidity. That is why we feel RBI may hike CRR again to check inflation,” said a dealer with a private bank.

The net bank credit for the first fortnight of the fiscal 2008-09, which ended April 11, 2008, fell by Rs 7,464 crore to Rs 23,41,030 crore. This comprised bank credit which fell by Rs 5,270 crore to Rs 39,129 crore and non-food credit which fell by Rs 2,194 crore to Rs 23,01,900 crore.

More Stories on : Forex

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

Stories in this Section
Forex reserves rise by $1.167 b

Copyright © 2008, 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