Financial Daily from THE HINDU group of publications
Saturday, Nov 26, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 26, 2005 |
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Money & Banking
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Forex Forex reserves down by $127 m Our Bureau
Mumbai , Nov. 25 THE foreign exchange reserves fell for the third week in a row, due to a fall in foreign currency assets. The forex reserves have fallen by a cumulative $1.593 billion in three weeks. According to the Reserve Bank of India's Weekly Statistical Supplement, total reserves fell by $127 million to $142.181 billion in the week ended November 18. In the previous two weeks, the reserves had dropped by $310 million and $1.156 billion respectively. Foreign currency assets fell by $123 million and accounted for the major part of the decline. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as euro, sterling and yen. "The euro was volatile and fell by nearly a 100 points during that week. The currency revaluation effect could have therefore resulted in a fall in the reserves," said the treasury head of a private bank. In the week under review, the euro moved from $1.1765 to $1.1684.
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