Mumbai, Sept. 11 The country’s foreign exchange reserves rose by $1.28 billion to touch $277.64 billion for the week ended September 4, according to the figures released in the Reserve Bank of India’s Weekly Statistical Supplement.
This is the third consecutive week that forex exchange reserves have increased.
The rise in reserves was mainly on account of currency revaluation, said a forex dealer. In the week ended August 28, forex reserves had increased by $4.4 billion to $276.3 billion.
In the week under consideration, foreign currency assets increased by $1.13 billion to touch $261.65 billion. Gold increased by $157 million to touch $9.828 billion. SDRs went down by $3 million to $4.818 billion.
The country’s reserve position in the IMF fell by $1 million to $1.346 million
Next week the rupee could see levels of 48.20, but ultimately it will depreciate. “The factors to watch out for are the euro, which is due for a correction and the domestic stock market which has gained substantially,” said the dealer.
Source:- thehindubusinessline.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment