Financial Daily from THE HINDU group of publications
Saturday, Dec 10, 2005


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Money & Banking - Forex


Forex reserves rise $921 m

Our Bureau

Mumbai , Dec. 9

THE country's foreign exchange reserves saw an increase of $921 million for the week ended December 2, due to currency revaluation and dollar inflows into the equity markets.

According to Reserve Bank of India's Weekly Statistical Supplement, foreign exchange reserves increased by $921 million to touch $143.098 billion, up from $142.177 billion in the earlier week. The earlier week saw a slight depletion in foreign exchange reserves to the tune of $3 million.

The increase in foreign currency assets by $936 million to $136.935 billion was the main contributor to the rise in reserves.

Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen.

According to the chief of treasury of a private bank, currency revaluation is probably a crucial reason for the rise in reserves, as the euro saw a movement of about 300 points in the last 15-20 days.

Also, as RBI was not seen in the market, the flows from the market could not have affected the reserves, he added.

Dollar inflows into the Indian markets may have also pushed the reserves up, dealers said.

The net foreign institutional investor inflows into the domestic equity market for the week under review were $360.2 million, according to figures from SEBI.

For the week under review, gold increased by $61 million to touch $4.925 billion.

SDRs (Special Drawing Rights) were unchanged at $4 million.

The country's reserve position in IMF fell by $76 million to $1.234 billion.

For the week under consideration, the euro traded in the range of $1.707 to $1.1813.

The rupee is likely to track the euro and may trade in the range of 46.05 to 46.25 in the coming week, dealers said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Forex



Stories in this Section
Indian banking sector: Is it on the right track?


Forex reserves rise $921 m
Rupee firms up; gilts lacklustre
RBF Nidhi to pay 5th instalment to depositors
HDFC favours `loan-to-value' risk weights
Opt for floating rates on home loans: Canara Bank
IFFCO-Tokio plans to infuse Rs 120-cr capital
Health insurance scheme: Karnataka CM seeks grant from Gates Foundation
Response to public issue satisfies ICICI Bank
ICICI Bank in talks with corporates to tap rural markets
ICICI Bank pilot project in Guntur dist
Canara Bank in pact with Dakshina Kannada milk co-op
BoB extending loan festival
ABN Amro salutes `earth heroes'
NPA recovery will benefit all: Mid-year review
IRDA plans third-party risk pool for motor insurance
BEFI call on WTO Ministerial


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line