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Forex reserves towards $200 bln mark |
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Written by Arumai_Nagappan
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Saturday, 07 April 2007 |
India's Forex reserves have domed by about $45 billion in the just ended fiscal 2006-07 to $199.179 billion, nearly reaching the $200-billion mark.
At the beginning of the last financial the Forex reserves stood at $154.209.
The forex kitty has seen a surge of $1.433 billion to $199.179 billion in the week ended March 30. During the previous week, the reserves expanded by $1.789 billion. Forex reserves have seen an accretion of around $4.7 billion in three consecutive weeks.
During the week ended March 30, the forex reserves have experienced an increase of $1.433 billion to $199.179 billion. The reserves blew up by $1.789 billion in the precious week. There has been an increase of about $4.7 billion during three consecutive weeks.
K. Harihar, Head, Treasury, Development Credit Bank stated there had been substantial dollar influxes in the foreign exchange market in the week being considered.
“While there have been FII inflows, companies have been repatriating External Commercial Borrowings parked abroad due to year-end considerations,” Mr. Harihar added.
Reserves functionaries alleged companies may have also been admitting funds and interlacing it in Indian depositories to get benefit of increased interest rates. The FII inflows in the same week stood at $244 million.
Treasury department aforementioned that firm ECB, FDI and FII inflows would carry on to prop up the nation’s forex reserves and to accomplish the $200-billion mark as early as possible.
The Indian rupee has been systematically advancing as compared to the dollar.
According to RBI’s weekly statistical supplement that foreign currency assets boosted up by $1.532 billion to $191.924 billion in the week.
Gold reserves plunged by $99 million to $6.784 billion. SDRs and the country’s reserve position in the IMF remained unaltered at $2 million and $469 million, respectively.
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