Wall Street

by Philip White - UK Correspondent

Online Stock Market Trading For the third time during the past four weeks Foreign Exchange Reserves swelled by more than $1 billion each week while inflation rose for the 7th consecutive week to reach a 31-week high.

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Stock Investing Game January 10, 2004 (AXcess News) Mumbai India - Record inflows of over $1.5 billion saw India's foreign exchange reserves cross $102.1 billion for the week ended January 2, 2004.

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Journal Prime Rate Street Wall The Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday said reserves rose by $1.513 billion due to inflows, foreign exchange remittances, dollar revaluation vis--vis other foreign currencies and during the period under review stood at $102.103 billion.

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Stock Market News This is the third time during the past four weeks when foreign exchange reserves had swelled by more than $1billion each week.

Stock Investing Basics The inflation rate also rose for the seventh consecutive week 0.12% to reach a 31-week high of 5.75% for the week ended December 27. Demand for primary articles, fuels and manufactured items led the inflationary process.The wholesale price index (WPI) inflation stood at 5.63% in the previous week compared to 3.47% one year ago.Gold reserves went up by $177 million to $4,215 million mainly due to revaluation while special drawing rights (SDRs) remained static at $3 million.

Stock Investing Software The appreciation of the non-US currencies like the euro, pound sterling and yen, held in the forex reserve and the aggressive intervention by the RBI in the forex market to check the rupees appreciation were the main factors that drove the forex reserves up.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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