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Forex reserves rise $291 m

Our Bureau

Mumbai , Feb. 5

THE country's forex kitty grew by $291 million to touch $129.720 billion for the week-ended January 28, as against $129.429 billion in the previous week, as per the latest RBI statistics.

The rise in reserves can be attributed to a $286-million rise in foreign currency assets and a $5-million rise in the Reserve Position in the IMF. As per the weekly statistical supplement of RBI, during the week, foreign currency assets rose to $123.719 million, while the Reserve Position was up at $1.414 billion.

Foreign currency assets expressed in dollar terms include the effect of appreciation and depreciation of non-US currencies such as the euro, sterling, and yen, held in reserves, according to the W.S.S.

Meanwhile, in the domestic forex market, the rupee closed at 43.46/47 per dollar on February 4, aided by good dollar inflows. It had opened the week at 43.72.

Dealers said that the rupee is likely to remain strong against the greenback if the steady spate of dollar inflows continues.

"The rupee has been fairly volatile due to good flows being offset by strong bouts of dollar demand. But it has ended steady against the dollar and over the next few weeks, a lot will depend on how the greenback behaves against international currencies," said a dealer.

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