Business Daily from THE HINDU group of publications
Saturday, Aug 04, 2007
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Business Daily from THE HINDU group of publications Saturday, Aug 04, 2007 ePaper |
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Forex Money & Banking - Forex Forex reserves up $3.31 b
Our Bureau Mumbai, Aug. 3 The country’s forex reserves rose $3.307 billion to $225.350 billion in the week ended July 27 on account of intervention by the Reserve Bank of India. “The RBI was seen buying dollars vigorously to cap the appreciation of rupee beyond 40.35 levels contributing to the huge reserves,” said Mr V. Rajagopal, Head-Forex Treasury, Kotak Bank. The home currency thereby weakened by about 15 paise in the week under consideration to close at 40.50/51 on July 27. The reserves had increased by $3.807 billion to $222.043 billion for the week ended July 20, said the RBI’s Weekly Statistical Supplement. The foreign currency assets rose $3.306 billion to $218.096 billion. 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. SDRs increased by $11 million to $12 million while gold reserves remained the same at $6.787 billion. The country’s reserve position in the IMF fell by $10 million to $455 million. The rupee saw a nine-year high of 40.29 on July 23. Market participants anticipate that the central bank’s absence from the market would push the rupee further up to appreciate to below 40 levels.
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