Forex reserves continue to rise

By Our Corporate Reporter

CHENNAI, APRIL 2. Foreign exchange reserves have risen further by $ 630 million during the week ended March 24 to $ 37.53 billion.

This is on top of an increase of $ 370 million and $527 million in the two previous weeks.

The increase is entirely due to the rise in foreign currency assets by a similar amount of $630 million to $34.43 billion. Gold and SDR holdings were unchanged at $3.10 billion and $4 million respectively.

The increase in forex reserves on a year-to-year basis is $5.95 billion with foreign currency assets accounting for $5.82 billion and gold $133 million. Special drawing rights (SDRs) however declined by $ 4 million in a year.

The outstanding amount under loans and advances of the Central Government from RBI was nil during the week ended March 24 against Rs. 7,834 crores in the previous week.

Loans and advances of State governments fell by Rs. 2,040 crores to Rs. 2,393 crores and those of scheduled commercial banks by Rs. 3,532 crores to Rs. 6,491 crores during the period under reference.

Reserve money contracted by Rs.13,934 crores with the outstanding amount at Rs, 2,63,157 crores in the week ended March 24.

The net RBI credit to Government declined by Rs. 9,506 crores to Rs. 1,43,834 crores during the period.

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