RBI COFFER Forex reserves rise to all-time high of $709.4 bn

DESPITE the heavy selling of dollars to prop up the weakening rupee, which touched an all-time of 92.02 on Friday, the forex reserves surged by $8.053 billion to reach an all-time high of $709.413 billion for the week to January 23, primarily because of surge in the valuation of gold reserves of over 810 tonne, the Reserve Bank said.

- ENS ECONOMIC BUREAU @Mumbai

Value of gold reserves jumped by $5.635 billion to $123.088 billion during the week. In the previous reporting week, forex kitty had jumped by $14.167 billion to $701.36 billion, boosted by the forex swap from $10 billion a week before. Gold has been rising s