The Hindu Business Line : Forex reserves value down in rupee terms

THE country's forex reserves have gone up by $343 million to touch $81.672 billion for the week ended June 6. In the previous week, the accretion had been higher at $513 million to touch $81.329 billion.

Interestingly in rupee terms, the value of the forex reserves has come down by Rs 132 crore to Rs 3,82,471 crore from Rs 3,82,603 crore in the previous week, according to the RBI statistics. This is due to the significant appreciation in the rupee's value against the dollar by 25 paise during the week ended June 6. The rupee was at 47.12/13 on June 2, but gained significantly on good dollar inflows to end the week at 46.87/88 against the dollar. As a result of the lower exchange rate (dollar-rupee), total value of the reserves fell in rupee terms.

Though the rupee has been appreciating for a year now from 49.00 levels in mid-June 2002, there have been only few instance of a net dip of the reserves in rupee terms as observed here.ccording to the RBI statistics, the foreign currency assets have gone up by $59 million to touch $77.998 billion, the gold reserves increased by $284 million to $3.673 billion while the special drawing rights have been steady at $1 million.

The forward premia have firmed up during the week by 20-30 basis points in a market of confused exporters and importers.

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