Forex kitty

Mumbai, Aug. 30: The country’s forex reserves rose $1.07 billion for the week ended August 22 after declining for five consecutive weeks. The reserves rose to $297.28 billion, up $1.07 billion from $296.21 billion in the previous week, the Reserve Bank of India said in its weekly report. The foreign currency assets jumped $1.07 billion to $287.04 billion from $285.97 billion in the previous week.

Union Bank

Mumbai, Aug. 30: The Union Bank of India has slashed interest rates on foreign currency non-resident (FCNR) account deposits and non-resident external term deposits from Monday. FCNR dollar deposits with a maturity period of 1-2 years will have an interest rate of 2.46 per cent compared with 2.5 per cent earlier, a bank release said.