Forex reserves decline

Mumbai, Dec. 31: India?s forex reserves decreased by $950 million to stand at $144 billion during the week ended December 23 against $145 billion during the preceding week. The reserves had increased by $1,057 million during the preceding week ended December 16 compared to a week ago period. Foreign currency assets decreased by $607 million to $138.209 billion during the 7-day period ended December 23, according to figures released by the RBI. Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as euro, sterling, yen held in reserves.

PNB rates

New Delhi, Dec. 31: Punjab National Bank (PNB) has revised upwards interest rates on domestic term deposits by 0.25 per cent. The new rates, which will be applicable from January 2, 2006, will give the highest annualised return on deposits with maturities between five to 10 years. The rate of interest on term deposits in this maturity slab will now be 6.50 per cent, while on deposits of three and five years it will be 6.25 per cent. The rate on maturities between 2-3 years would be 6 per cent.