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Saturday, Nov 18, 2006

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Forex reserves up by over $1.1 b

Our Bureau

Mumbai , Nov. 17

Forex reserves jumped by $1.168 billion to $168.284 billion for the week ended November 10, mainly due to a rise in foreign currency assets.

In the previous week, forex reserves increased by $24 million to touch $167 billion. Foreign currency assets increased by $1.172 billion to touch $161.563 billion during the week, according to RBI's Weekly Statistical Supplement.

"Global currencies such as euro and sterling gained against the dollar, helping reserves to rise," said a chief dealer of a private bank. The Reserve Bank of India is also suspected to have intervened in the forex market, he said.

The euro traded between $1.2701 and $1.2876 in the week under consideration. There was FII inflow of around $381 million into the domestic equity market, according to figures from the Securities and Exchange Board of India.

The reserves with IMF rose by $2 million to $652 million and special drawing rights were down by $6 million to $1 million.

Gold reserves were unchanged at $6.068 billion. Dealers said the market is bullish on the rupee. However, it is difficult to predict the likely range, as it has been extremely volatile, with a 20 paise movement.

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