Our Bureau

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.

(This article was published in the Business Line print edition dated December 23, 2006)
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