Forex Reserves Rise $123 M On Revaluation - July 21, 2008

The foreign exchange reserves went up by $123 million to $308.520 billion for the week ended July 11. Last week, the reserves had dwindled by $3.393 billion to $308.397 billion. Foreign currency assets rose by $125 million to $298.786 billion during the week under consideration. Foreign currency assets expressed in US dollar terms include the effect of an appreciation or depreciation of non-US currencies. The reserves witnessed only a small increase since the RBI was seen selling dollars whenever the rupee breached the 43-mark last week. Gold and special drawing rights remained unchanged at $9.208 billion and $11 million, respectively. The reserve position in the International Monetary Fund fell by $2 million to $515million.