Saturday, March 22, 2008

Forex reserves rise by USD 3,028 mn

Forex reserves rose USD 3,028 million to touch USD 306,488 million as on Mar. 21, 2008, mainly due to the increase in foreign currency and assets collections, on a weekly basis.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Mar. 21, 2008, foreign currency and assets moved up USD 3,025 million to USD 296,496 million.

During the same period, the reserve position in the International Monetary Fund (IMF) increased by USD 3 million to USD 434 million. While, gold reserves were flat at USD 9,558 million.

Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves.