Forex reserves rise $1.13 b

Our Bureau

Mumbai, Nov. 30 The forex reserves went up by $1.133 billion to $272.281 billion for the week ended November 23 following constant intervention by the Reserve Bank of India in the market, said a dealer with a private bank.

The reserves had increased by $967 million to touch $271.148 billion for the week ended November 16, according to RBI's Weekly Statistical Supplement.

The rupee has appreciated by almost 11 per cent since January this year backed by the strong FDI and portfolio flows into the domestic market. This has prompted the RBI to buy dollars through nationalised banks to curb the appreciation of rupee and has contributed to the huge accretion to reserves.

"There has also been some revaluation of currency assets which has added to the reserves," said the dealer. The foreign currency assets increased by $1.130 billion at $264.031 billion. The reserves in gold and SDRs remained unchanged at $7.811 billion and $3 billion respectively. The reserve position in IMF went up by $3 million at $436 million.