U.K. RESERVES SHOW LARGE UNDERLYING RISE IN MARCH Britain's gold and currency reserves showed an underlying rise of 1.785 billion dlrs in March after a 287 mln dlr rise in January, the Treasury said. This was considerably above market expectations for a 650 mln dlr rise. The underlying trend, which is a guide to Bank of England operations to support the pound on foreign exchanges, is net of borrowings and repayments. The Treasury declined comment on the figures. Last month it said the Bank of England took the opportunity of strong demand to rebuild reserves after losses last autumn. Actual reserves rose by 1.89 billion dlrs, after rising 305 mln in February, to 22.26 billion. Total reserves were revalued to 27.04 billion dlrs, but would have totalled 24.15 billion under the previous valuation, the Treasury said. Gold reserves were revalued by 895 mln dlrs, while SDRs, ECU and convertible currency holdings were revalued by 1.995 billion. Accruals of borrowings under the exchange cover scheme were 361 mln dlrs last month, after 36 mln in February. Repayments were 240 mln dlrs after the previous 16 mln. Capital repayments totalled 14 mln dlrs, after February's two mln dlrs repayment.