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Forex reserves surge

MUMBAI: India's foreign exchange reserves increased by a huge $5.031 billion to stand at $185.078 billion during the week ended February 9, as against $180.047 billion during the week ended February 2.

The reserves were up by $995 million during the preceding week ended February 2 compared to a week ago period.

Foreign currency assets too increased by $5.119 billion to $178.084 billion during the seven-day period ended February 9, 2006, according to Reserve Bank of India figures.

Foreign currency assets in dollars include effect of revaluation of non-U.S. currencies such as euro, British pound sterling and Japanese yen held in reserves.

The reserve position in the IMF, however, came down by $80 million to $463 million.

Special Drawing Rights (SDRs) also dipped $8 million to $2 million, though gold reserves remained static at $6.529 billion.

PTI

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