India's for ex reserves up $500m

INDIA - The country's forex reserves have surged by $500 million to touch $62.521 billion for the week ended September 20, 2002, as compared to $ 62.021 billion in the previous week, figures released by the Reserve Bank of India show.

Business Line reported that for ex dealers ascribe the rise in reserves to significant dollar inflows in the form of inward remittances and NRI investments over the past few weeks. "The market is flushed with dollar liquidity. Inflows have been steady and there i