[sbinews] Forex Reserves
- From: sbistcbangalore@xxxxxxxx
- To: sbinews@xxxxxxxxxxxxx
- Date: Mon, 22 Dec 2003 20:52:41 +0500
Forex reserves sniff at $100 bn
TIMES NEWS NETWORK[ SATURDAY, DECEMBER 20, 2003 08:27:05 AM ]
MUMBAI: Speculation was rife that the foreign exchange reserves may have
touched the $100-bn mark on Friday, amid strong FII inflows and the euro’s gain
against the dollar. However, there was no confirmation from the Reserve Bank of
India .
The euro has gained over 40% against the US dollar since January ‘02, adding
substantially to the valuation gain in reserves during the period. The
country’s basket of foreign currency reserves comprises the currencies in the
IMF’s SDR basket, which also includes the euro, among others. On a quarterly
basis, reserves have gained 20-25% on account of changes in valuation.
Another major driver is the FII inflow, which has crossed $7bn since January.
The pressure on the central bank to keep the rupee under check is forcing it to
intervene aggressively in the foreign currency markets, say forex dealers.
Exporters have raised a hue and cry against a strong rupee, forcing RBI to step
in.
There have also been steady inflows through exporter and private remittances,
together with FDI, which has improved in past two-three months. The rising gold
price has also pushed up reserves. India ’s gold reserve of 11.5m troy ounce is
currently valued at $4,038m. It has already gained $594m since December-end
‘02.
From less than a $1bn in May 1991, with reserves just enough to cover 15 days
of imports, the reserves are now hovering around the $100-bn mark. Only five
other countries in Asia have higher reserves, with India recording one of the
fastest growth after Japan and China .
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