The Hindu : Forex reserves cross $77 b

Online edition of India's National Newspaper
Sunday, May 04, 2003

Business

Business

Forex reserves cross $77 b

MUMBAI MAY 3. India's foreign exchange reserves crossed the $77 billion mark, a record high, following fresh inflows during the week ended April 25. In the past three weeks, forex reserves grew by $1.9 billion.

Foreign exchange reserves rose sharply by $933 million to $77.010 billion in the reporting week, according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets also grew by $933 million to $73.472 billion, it added.

Analysts said the sharp rise in the value of other non-U.S. currencies, including the euro and the British pound sterling, held in the reserve as well as the steady intervention by the RBI in forex markets to cap the rupee's appreciation for better export competitiveness, were the factors responsible for the rise in forex reserve.

The RBI said gold reserves and special drawing rights during this period remained unchanged at $3.534 billion and $4 million respectively.

Loans and advances to the Central Government declined by Rs. 10,370 crores to Rs. 7,959 crores while that to States grew by Rs. 1,217 crores to Rs. 5,947 crores, the RBI said. Aggregate deposits fell by Rs. 2,804 crores to Rs. 13,20,858 crores. Bank credit also declined by Rs. 17,006 crores. — PTI

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Forex reserves cross $77 b