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Forex reserves up at $273.4 bn
May, 29th 2010

Foreign exchange reserves rose $64 million during the week ended May 21, largely on account of revaluation of non-dollar assets in reserves.

Total reserves touched $273.4 billion with foreign currency assets comprising dollars, British pounds and euro among rising $40 million.

While special drawing rights (or, SDRs) the reserve currency with the International Monetary Fund and the reserve capital with the IMF rose $19 million and $5 million, respectively.

Amid mounting concerns about Greece and other European economies, the value of euro vis-a-vis the dollar dipped to multi-year lows, resulting in a sharp revaluation of foreign exchange reserves, said a treasury official at a public sector bank.

The governments borrowing from RBI for the week dipped by Rs 9,079 crore on account improved revenue position. Such borrowings are resorted to by the government to meet its daily revenue mismatches.

Total borrowing for the year so far rose to Rs 21,655 crore, according to RBI data. State governments, however, did not borrow from RBI under this facility for the second consecutive week. These short term borrowings are known as ways and means advances.

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