The Hindu Business Line : Forex reserves swell on strong FII inflows

The country's forex reserves rose $4.212 billion to $193.124 billion on strong FII inflows into the domestic equity market for the week ended February 23.

Forex reserves have increased for the seventh consecutive week with foreign currency assets increasing by $4.213 billion to $186.128 billion. The reserves had climbed by $3.834 billion to $188.912 billion during the week ended February 16.

"The RBI has also been intervening in the market by buying dollars," said a dealer at a private bank. Dealers said the rupee is likely to trade in the range of 44.25-44.30 next week. "The euro had also gained considerably against the dollar," he said.

The stock markets saw FII inflows of around $1 billion during the week under consideration. Foreign currency assets as expressed in dollars include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves.

Gold reserves remained unchanged at $6.529 billion, while SDRs (special drawing rights) were at $2 million. India's reserve position in the International Monetary Fund decreased by $1 million to $465 million.

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