Mumbai, May 29 The country’s foreign exchange reserves increased by $6.432 billion for the week ended May 22 to $260.639 billion, according to the Reserve Bank of India’s Weekly Statistical Supplement.
In the week ended May 15, forex reserves had declined by $1.734 billion to $254.207 billion.
The rise in reserves is due to the weakness of the dollar against other currencies such as euro and the RBI purchasing dollars to help exporters, said a forex dealer with a public sector bank.
The week under consideration saw the rupee appreciating on the positive sentiment after the Congress UPA won the general elections with a decisive mandate and tracking the huge gains made by the Sensex. The domestic currency had even touched 46.90 against the dollar.
The foreign currency assets increased by $6.411 billion to $250.165 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as yen, sterling and euro.
The euro gained from $1.3436 at the beginning of the week to $1.3916 at the end of the week, against the dollar. During the week, the euro touched a five-month high of $1.3957.
Gold and SDRs were unchanged at $9.231 billion and $1 million respectively.
The country’s reserve position in the IMF increased by $21 million to $1.242 billion.
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