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Our Bureau

Mumbai, June 8

Forex reserves have increased by $3.439 billion to $208.373 billion for the week-ended June 1 on revaluation of non-dollar currencies against the dollar and RBI's intervention in the forex market. Forex reserves had gone up by $952 million to $204.934 billion for the week-ended May 25.

Foreign currency assets rose $3.564 million to $201.002 billion, said the RBI's Weekly Statistical Supplement. 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 declined by $125 million to $6.911 billion and SDRs remained the same at $1 million. The country's reserve position in the IMF also remained unchanged at $459 million. Dealers said the rupee is expected to weaken next week and likely to trade in the range of 41.05-41.15.

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