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.

Forex Reserves Fall $481 Million - Jan 17, 2009

For the week ended 9 January, the foreign exchange reserves slipped by $481 mn to $254.759 bn. However, the reserves have witnessed a fall after increasing for four consecutive weeks. For the week ended January 2, the reserves grew by $627 mn to touch $255.240 bn.

According to the figures released by the Reserve Bank of India in its Weekly Statistical Supplement, the foreign currency assets dropped by $458 mn to $245.417 bn. The fall in assets is due to revaluation of the reserves, with the dollar gaining against other currencies in the overseas markets, said a dealer with a private bank. However, the gold reserves and the SDRs remained unchanged at $8.485 bn and $3 mn while the reserve position in the IMF slipped by $23 mn to $854 mn.

Forex Reserves Decline - Oct 13, 2008

The reserves have been declining for the past few weeks following sustained FII outflows from the domestic equity market. This coupled with selling of dollars by the Reserve Bank of India, took the forex reserves down by more than $1 billion in the last one month. According to RBI figures, forex reserves dwindled by $7.87 billion to touch $283.941 billion for the week ended October 3.

The fall could be partly attributed to dollar selling by the RBI in the forex markets to stabilise the rupee, said Mr Ashish Parthasarathy, Deputy treasurer, HDFC. In the previous week, reserves had decreased by $153 million to touch $291.819 billion. According to the figures released by the Securities and Exchange Board of India, foreign institutional investors have been net sellers in the equity markets to the tune of Rs 416.80 crore for the week ended October 3, which also led to the decline in forex reserves. Foreign currency assets decreased by $7.741 billion to $274.911 billion. Gold reserves decreased by $127 million to $8.565 billion, while SDRs were unchanged at $4 million.

Forex Reserves Decline $2 B - Sep 6, 2008

The foreign exchange reserves fell by $1.97 billion to $295.309 billion for the week closed August 29, according to figures released by the Reserve Bank of India in its Weekly Supplement. The reserves were pulled down by a fall in the value of gold and fall in foreign currency assets. The fall in the value of the gold reserves was due to the decline in international gold prices. Gold prices have declined by more than $100, from $938 an ounce on July 1 to $810 an ounce on Sept 5. For the week ended August 22, foreign exchange reserves had increased by $1.076 billion to reach $297.286 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.

Forex Reserves Increase $1b - June 16, 2008

The foreign exchange reserves increased by $1.046 billion to $315.7 billion for the week ended June 6. In the previous week, the reserves had fallen by $1.56 billion. According to the RBI''s Weekly Statistical Supplement, foreign currency assets rose by $1.045 billion to $305.93 billion. Foreign currency assets expressed in dollar terms comprise the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves. Gold and SDRs remained unchanged at $9.2 billion and $11 billion, respectively. The reserve position in the IMF rose by $ 1 million to $527 million.