The country?s foreign exchange reserves have risen $22 million to $283.5 billion in the week ended 1 January, 2009, the Reserve Bank of India (RBI) said in its weekly statistical supplement, released on Friday.
While foreign currency assets fell $85 million to $258.6 billion, gold reserves rose $110 million to $18.3 billion, the bank said.
Special drawing rights with the International Monetary Fund fell $3 million to $5.2 billion, while its reserves with the IMF were unchanged at $1.4 billion.
Total reserves jumped $28.3 billion in the past year, the bank said. Assets comprise of overseas currencies, gold and special drawing rights with the IMF.
The liquidity in the money markets was comfortable and the overnight rates were steady. The overnight call rate was seen in a range of 3.20-3.40%.
The amount absorbed under LAF reverse repo operations was to the tune of Rs 87,130 crore. The g-sec market improved on value buying and amidst the auction cut-offs being in line with expectations. The 10-year benchmark paper, 6.90% bond maturing 2019 closed at 7.76% as against 7.79% on Thursday. The rupee pulled back from 15-month highs on Friday as a stronger dollar and choppy equities raised concerns whether foreign investors would maintain the pace of portfolio investments this year. It ended at 45.75/76 per dollar, about 0.2% below its close of 45.68/69 on Thursday when it rose during trade to 45.55, its strongest since Sept 23, 2008. The benchmark share index dropped 0.4% on Friday, falling for a second session, as forecast for a strengthening rupee spooked export-focused outsourcers. ?There?s uncertainty whether the fall in stocks may be the beginning of a fresh round of correction,? said a trader with a private bank.