Mumbai, Dec. 22
Forex reserves have increased by $75 million to $175.519 billion, for the week ended December 15, due to a rise in foreign currency assets. Last week, forex reserves dropped by $45 million to $175.444 billion.
Foreign currency assets expressed in dollars include the effect of appreciation or depreciation in non-US currencies (such as euro, sterling and yen) held in reserves. Foreign currency assets have increased by $79 million to touch $168.479 billion, according to the RBI Weekly Statistical Supplement. "The rise in foreign exchange kitty was due to revaluation of overseas currencies against the dollar," said a dealer at a private bank.
Gold and SDRs were unchanged at $6.494 billion and $1 million, respectively. India's reserve position in the IMF decreased by $4 million to $545 million.
Dealers expect the rupee to be in the 44.40-45 range next week.