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Saturday, Aug 12, 2006

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Forex reserves up by over $1.7 b

Our Bureau

Rises for the third consecutive week

Mumbai , Aug. 11

The forex reserves have jumped by over $1.7 billion to $165.795 billion. This is the third consecutive week that the kitty has seen accretions. In the previous week, the reserves had increased by $675 million to $164.023 billion.

According to the Reserve Bank of India's Weekly Statistical Supplement, the reserves rose by $1.772 billion to touch $165.795 billion for the week ended August 4, mainly due to revaluation of foreign currency assets and fresh FII inflows.

Foreign currency assets increased by $1.394 billion to touch $158.465 billion. Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen.

The euro traded between $1.2752 and $1.2835. "There was a change in value of currencies as the euro had strengthened against the dollar. This reflected in an increase in forex reserves during the week under consideration. The value of gold also appreciated during the period," said Mr K. Harihar, Head Treasury, Development Credit Bank Ltd.

FII inflows

"There was a resumption in FII inflows and the export performance was also favourable," he said. The FII inflow was around $131.8 million into the equity market during the week.

After remaining unchanged for the past two weeks, gold reserves increased by $377 million to $6.557 billion.

The reserve position in the IMF increased by $1 million to touch $766 million.

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