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Saturday, Jul 22, 2006

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Forex reserves dip by $601 m

Our Bureau

Mumbai , July 21

Foreign exchange reserves have fallen by $601 million due to a dip in foreign currency assets.

According to figures from the Reserve Bank of India, for the week ended July 14, forex reserves decreased by $601 million to touch $162.659 billion due to the weakening of global currencies against the dollar.

In the previous week, forex reserves increased by $348 million to touch $163.260 billion. As per RBI figures, foreign currency assets decreased by $599 million to touch $155.716 billion. Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of currencies such as euro, sterling and yen. Total FII outflows during the week in consideration were about $ 29.3 million.

The euro traded between $1.2710 and $1.2765 against the dollar. "During that week, dollar strengthened against the global currencies due to strong economic data released in the US," said a dealer at a private bank.

Gold was unchanged at $6.180 billion for the week under consideration. The country's reserve position in the IMF decreased by $2 million to touch $763 million.

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