Date:24/07/2005 URL: http://www.thehindubusinessline.com/2005/07/24/stories/2005072401710300.htm

Back Forex reserves rise by over $600 m

Our Bureau

Mumbai , July 23

AFTER falling for three consecutive weeks, the country's forex reserves have recorded a modest rise of over $600 million for the week ended July 15.

According to the Reserve Bank of India's Weekly Statistical Supplement, there has been an accretion of $662 million to the forex reserves, taking the total to $137.561 billion.

Reserves at the end of the previous week stood at $136.899 billion. In the earlier three weeks ending July 8, 2005, forex reserves had fallen by a cumulative of $2.667 billion.

For the week under review, the major component of the forex reserves was foreign currency assets, which rose by $650 million to touch $131.547 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.