Saturday, August 29, 2009
Forex reserves rise by $932 million :- Mumbai, Aug. 28 After declining for two consecutive weeks, the country’s foreign exchange reserves increased by $932 million to touch $271.957 billion for the week ended August 21, according to the Reserve Bank of India’s Weekly Statistical Supplement.
In the earlier week, foreign exchange reserves fell by $214 million to $271.025 billion.
The increase in reserves was on account of currency revaluation, as the dollar appreciated against major currencies during the week, said a dealer with a public sector bank.
The foreign currency assets increased by $928 million to touch $260.938 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves.
Gold was unchanged at $9.671 billion. The reserve position in the IMF increased by $4 million to touch $1.348 billion.
Next week, the rupee will track the movement of the equity market and could see resistance at 49.50, said a forex dealer.