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Forex reserves touch $214.84 bn

Forex reserves touch $214.84 bn
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First Published: Sat, Jul 14 2007. 12 00 AM IST
Updated: Sat, Jul 14 2007. 12 00 AM IST
Mumbai: India’s foreign-exchange reserves increased $1.35 billion (Rs5467.5 crore) to $214.84 billion in the week ended 6 July, suggesting the Reserve Bank of India (RBI) bought dollars from the local currency market.
Foreign-currency assets increased by $1.47 billion to $207.59 billion, RBI said in an emailed release in Mumbai. The nation’s special drawing rights with the International Monetary Fund (IMF) remained unchanged at $1 million, the bank said.
The nation’s reserves with the IMF increased $2 million to $462 million in the week through 6 July, while gold reserves fell $124 million to $6.8 billion, the central bank said.
The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, RBI said.
India’s foreign exchange reserves rose by $51.58 billion over the past year and by $15.66 billion in the financial year that began on 1 April, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the IMF. BLOOMBERG
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First Published: Sat, Jul 14 2007. 12 00 AM IST
More Topics: Money Matters | Currency |