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Mumbai, July 13

Forex reserves have increased by $1.349 billion to $214.835 billion for the week-ended July 6 on strengthening of non-dollar currencies against the greenback and strong dollar inflows. Forex reserves had increased by $937 million to $213.486 billion for the week-ended June 29. Foreign currency assets rose $1.471 million to $207.585 billion, said the RBI’s Weekly Statistical Supplement. Foreign currency assets, as expressed in dollars, include the effect of appreciati on or depreciation in non-US currencies (euro, sterling and yen) held in reserves. “The RBI was actively seen in the market, buying dollars, during the week under consideration. The rupee is expected to strengthen further to reach 40.25 levels in the next 10 days,” said a treasury head of a private sector bank. Gold reserves fell by $124 million to $6.787 billion and SDRs remained unchanged at $1 million. The country’s reserve position in the IMF increased $2 million to $462 million. —

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