Date:23/10/2005 URL: http://www.thehindubusinessline.com/2005/10/23/stories/2005102302540300.htm

Back Forex reserves rise by $82 m

Our Bureau

Mumbai , Oct. 22

THE country's forex reserves increased by a $82 million for the week ended October 14 to touch $143.435 billion, according to Reserve Bank of India's Weekly Statistical Supplement.

In the earlier week, forex reserves were at $143.353 billion. The rise in reserves has been mainly due to the increase in foreign currency assets, which rose by $93 million to touch $137.303 billion for the week under review.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling and yen) held in reserves.

Gold and Special Drawing Rights remained unchanged at $4.712 billion and $4 million, respectively. India's reserve position in the IMF fell by $11 million to touch $1.416 billion.

As per figures from SEBI, the foreign institutional investor outflow from the equity market for the week under consideration was about $66 million. The euro moved from $1.2132 against the US dollar in the beginning of the week to end at $1.1998.

The rupee is likely to show signs of weakness in the coming week and may trade in the range of 45.30-45.40, said a chief dealer with a private bank.