Saturday, April 11, 2009

Forex Reserves Grow By $2.834 Billion - April 11, 2009

The foreign exchange reserves of India shot up by $2.834 billion for the week ended April 3, as per the figures released by the Reserve Bank of India''s weekly statistical supplement. However, the reserves had dipped by $1.5 billion to $253.326 billion for the week ended March 27. The foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies. The Foreign currency assets grew by $3 billion to $244.597 billion.

The reserves grew due to the revaluation effect as the dollar weakened against the euro and the pound in the overseas markets, said a dealer with a private bank. The dollar weakened against the euro and in line with this the pound touching a low of 1.340 against the euro and 1.469 against the pound. The Gold reserves declined by $169 million to $9.57billion. However, the SDRs remained unchanged at $1 million while the reserve position in the IMF surged $3 million to $985 million.

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