Financial Daily from THE HINDU group of publications
Sunday, Oct 27, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Home Page - Forex
Money & Banking - Forex


Forex reserves cross $64 b

Our Bureau

MUMBAI, Oct. 26

FOREX reserves of the country have risen by $126 million to touch $64.068 billion for the week ended October 18, as compared to $63.932 billion in the previous week, according to the latest figures released by the RBI.

Forex dealers said that since the rupee has been falling on its own, the apex bank has not been mopping up dollar liquidity. "Since the currency lost a few paise last week the RBI possibly felt that the depreciation, though marginal, was market determined. This is a reason why it didn't mop up liquidity so actively," said a forex dealer with a private sector bank.

The rupee closed the week steady at 48.3650/37 per dollar. Dealers said, that the rupee might fall a little on account of month end demand for the greenback, but is expected to remain stable in the near term.

Meanwhile, according to the weekly statistical supplement of the RBI, foreign currency assets have risen by $ 126 million to touch $ 60.748 billion for the week ended October 18.

Gold reserves remained at Rs 3,300 crore, while special drawing rights remained at $10 million.

Send this article to Friends by E-Mail
Comment on this article to BLFeedback@thehindu.co.in

Stories in this Section
Budget consultations from Tuesday: Jaswant


Forex reserves cross $64 b
TVS bikes in top gear
IT client turnover a revolving door
Polaris-Orbitech swap changed
Exotic holidays without pinching the pocket
NDDB: From milk & vegetables to interest income


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, 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