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Saturday, Sep 09, 2006

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Forex reserves rise by over $1 billion

Our Bureau

Mumbai , Sept. 8

Forex reserves have increased by $1.132 billion to touch $ 166.458 billion, for the week-ended September 1. In the previous week, reserves fell by $41 million to touch $165.326 billion.

Foreign currency assets increased by $1.152 billion to touch $159.152 billion during the week. Gold reserves decreased by $19 million to touch $6.538 billion. The reserve position in the IMF decreased by $1 million to stand at $767 million, according to the Reserve Bank of India's Weekly Statistical Supplement. "There was a revaluation of currencies during the week under consideration with the euro gaining against the dollar," said Mr K. Harihar, Head-Treasury, Development Credit Bank. "FII inflows into the domestic equity markets also helped," he said. There was an FII inflow of around $316.60 million ($ 25 million) into the bourses during the week. . The euro traded between $1.2805 and $1.2856.

"There have been several indications of a slowdown in US economy which could halt a rise in the US interest rates. This will lure FII inflows into emerging markets including India," Mr Harihar said. "With the oil prices stabilising, the sentiment for the rupee remains bullish," he added. Dealers said the rupee is expected to trade between 46.10 and 46.35.

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