Financial Daily from THE HINDU group of publications
Sunday, Feb 03, 2002
Financial Daily from THE HINDU group of publications Sunday, Feb 03, 2002 |
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Forex Money & Banking - Forex Forex reserves up $27 m Our Bureau
MUMBAI, Feb. 2 FOREX reserves of the country rose by a mere $27 million to touch $ 49.252 billion for the week ended January 25, as compared $ 49.225 billion in the previous week. The flow of funds, which has been accelerating over the past few weeks with total reserves poised to cross the $50-billion mark by March 2002, seem to have slowed down on account of the recent volatility in the forex markets driven by demand for the greenbacks. "The RBI has been intervening from time to time and lending support to the rupee with the help of State-run banks by selling dollars, this may be one reason the reserves have not surged in a big way like they have been doing in these past weeks,'' said a forex dealer. On January 29, the Indian currency plunged to close at an all time low at 48.52/53 per dollar.
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