Forex reserves cross $41b

By Our Corporate Reporter

CHENNAI, FEB. 10. Foreign currency reserves continued their upward march during the week ended February 2 by registering an increase of $347 million in a week to $41.27 billion with active buying by foreign institutional investors in Indian bourses and increased remittances from abroad.

While forex assets were up by $407 million during the week under reference at $38.52 billion, there was a decline in gold reserves by $60 million to $2,751 million. Special drawing rights were unchanged at $8 million, according to the latest weekly statistical supplement of the Reserve Bank of India.

Since December last, the increase in reserves is $1,197 billion and from March last year it is $3.24 billion.

Loans and advances to the Central Government were Rs. 2,050 crores during the week ended February 2 while those to the State governments declined by Rs. 846 crores to Rs. 3,442 crores.

Aggregate deposits of scheduled commercial banks rose during the fortnight ended January 26 by Rs. 6,949 crores to Rs. 935,510 crores. Bank credit was up by Rs. 2,100 crores with the outstanding amount at Rs. 499,586 crores.

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Section  : Business
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