News: Indian forex reserves rise $924 m

(BL 03/02/3007) Mumbai - Forex reserves have risen $ 924 million to $ 179.052 billion, for the week ended January 26, on a growth in foreign currency assets. Last week, forex reserves increased by $ 702 million to $ 178.128 billion. Foreign currency assets expressed in dollars include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves. Foreign currency assets have increased by $916 million to touch $ 171.984 billion, according to RBI Weekly Statistical Supplement. "India has a large base of forex kitty with different currencies and the increase in the kitty was basically due to revaluation of currencies," said Mr Paresh Nayar, Chief Dealer, Development Credit Bank. "Euro and sterling had gained against the dollar that week," he said. Gold was unchanged at $ 6.517 billion and SDRs increased $ 9 million to $ 10 million. India's reserve position in the IMF decreased by $ 1 million to $ 541 million. Dealers said the rupee is likely to touch 44 next week.