The Hindu Business Line : Forex reserves up $123 m on revaluation

Mumbai, July 18 The foreign exchange reserves rose by $123 million to $308.520 billion for the week ended July 11, according to the figures released by Reserve Bank of India’s Weekly Statistical Supplement.

In the preceding week, the reserves had fallen by $3.393 billion to $308.397 billion.

Foreign currency assets increased by $125 million to $298.786 billion during the week under consideration. Foreign currency assets expressed in US dollar terms include the effect of an appreciation or depreciation of non-US currencies.

A forex dealer attributed the marginal increase in reserves to an appreciation in some of the major non-dollar currencies, which led to a revaluation effect.

The reserves registered only a small increase since the RBI was seen selling dollars whenever the rupee breached the 43-mark last week, added the dealer.

Gold and special drawing rights remained unchanged at $9.208 billion and $11 million, respectively. The reserve position in the International Monetary Fund fell by $2 million to $515million.

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