Information About Forex

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Information About Forex....

MUMBAI: After a pile-up for nine consecutive weeks, the country’s foreign exchange reserves dipped by $4.6 billion during the week ended August 13, largely on account of revaluation of non-dollar assets in reserves.

The country’s reserves fell $4.565 billion in the week ended August 13. The reserves are at $282.8 billion. Foreign currency assets, comprising dollars, British pounds and euro, among others, rose $4.448 billion during the week.

While special drawing rights, or SDRs — the reserve currency with the IMF— and the reserve capital with the IMF dipped $56 million and $21 million, respectively. However, the value of gold in reserves remained unchanged during the week.

Foreign investment data released by Sebi doesn’t indicate any significant pullout by foreign portfolio investors during the week. But there is a possibility that the central bank has sold dollars to meet dollar demand and also to rein in the value of the rupee.

Though the official data on foreign exchange intervention by the central bank is in public domain after a lag of nearly a month, many treasury officials reckon that the central bank has been selling dollars, of late, to rein in the value of the local currency.

In other developments, the government maintained only the minimum `100 crore in its account with RBI. This indicates that the government has started spending the revenues generated by selling various telecom licences, said a senior bond market official, and this could ease liquidity conditions in the market, to an extent.

On the other hand, the both the Centre as well as state governments did not resort to any short-term borrowings from the central bank. Such borrowings are resorted to by the government to meet its daily revenue mismatches. These short-term borrowings are known as ways and means advances (WMAs), a facility under which governments borrow from the central bank to meet their daily revenue mismatches.

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