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Forex reserves increase by $464 million news
Our Banking Bureau
23 March 2004

Mumbai: The country's forex reserves have risen by $464 million to touch $109.596 billion for the week ended March 12, 2004, as against $109.132 billion in the previous week, according to the RBI.

The rise in reserves was mainly due to a corresponding rise in the central bank's foreign currency assets, which also increased by $464 million to touch $105.404 billion during the week.

Foreign currency assets with the RBI reflect the effect of appreciation or depreciation of non-US currencies such as the euro, sterling and yen held in reserves.

The domestic currency ended the week steady at 45.20 per dollar in an otherwise lacklustre forex market. It remained in a narrow range throughout the week.
Meanwhile, according to the weekly statistical supplement of RBI, gold reserves remained steady at $4.190 billion, while special drawing rights were at $2 million.


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Forex reserves increase by $464 million