Financial Daily from THE HINDU group of publications
Sunday, Nov 10, 2002
Financial Daily from THE HINDU group of publications Sunday, Nov 10, 2002 |
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Forex Money & Banking - Forex Forex reserves increase to $ 64.621 billion Our Bureau
MUMBAI, Nov: 9 THE country's forex reserves have risen by $ 582 million to touch $ 64.621 billion for the week ended November 1, against $ 64.038 billion in the previous week, according Reserve Bank of India figures. The reserves have been rising on account of good dollar inflows into the country over the past couple of weeks. The apex bank has also been mopping up excess dollar liquidity which has contributed to the rise in reserves, according to forex dealers. The rupee continued its uptrend against the dollar during the week, scaling a nine-month high on Thursday before ending stronger at 48.2650/27 per dollar on Friday. "Not only have dollar inflows been substantial, the market is very liquid as players have been unwinding their long dollar positions across the board," said a forex dealer. Meanwhile, according to the weekly statistical supplement of the RBI, foreign currency assets increased by $ 604 million to touch $ 61.333 billion for the week ended November 1. Gold reserves declined by $ 22 million to touch $ 3,278 billion, while special drawing rights (SDRs) remained steady at $ 10 million.
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