Forex kitty

Mumbai, Oct. 20: The foreign exchange reserves of the country increased by $5.35 billion to $256.68 billion for the week ended October 12. The forex reserves had increased by $3.56 billion to $251.33 billion for the week ended October 5. The reserves with the central bank rose by Rs 17,160 crore or $5,356 million during the week ended on October 12, an rbi release said. Foreign currency assets included the effect of other currencies, such as the euro, pound sterling and yen, held in its reserves. During the week, gold reserves and special drawing rights remained static at $7.36 billion and at $2 million, respectively.

Icici branch

New York, Oct. 20: The us regulators have given permission to icici Bank to open a branch in New York. The branch will be involved in wholesale banking, including trade financing and factoring services to the us-based subsidiaries of Indian firms, the us Federal Reserve said.