Forex reserves swell
Mumbai, Sept. 20: India’s foreign exchange reserves moved up further following fresh inflows of $491 million to $87,856 million during the week ended September 12, 2003. The foreign currency assets also went up by $490 million to $84,132 million in view of the appreciation of non-US currencies like euro, sterling and yen held in reserves, according to the Reserve Bank’s weekly statistical supplement. Gold reserves were static at $3,720 million while special drawing rights increased by $1 million to $4 million.
Mumbai, Sept. 20: The board of Jindal Polyester will consider and approve the acquisition of an European company at a board meeting on September 24. Jindal Polyester will approach the Reserve Bank for obtaining necessary clearances for the acquisition after approval of the board, it added.