Further slide in forex assets

By Our Corporate Reporter

CHENNAI, JULY 30. The country's foreign currency assets declined further by $287 million in the week ended July 21 to $33,329 million, according to the latest weekly statistical statement of the Reserve Bank of India.

The decline in the earlier week was $ 95 million. Foreign currency assets expressed in U.S. dollars include the effect of appreciation/depreciation of non-U.S. currencies such as the Euro, the sterling and the yen held in the reserves, the statement said. Gold reserves and special drawing rights (SDRs) were unchanged at $2,948 million and $8 million respectively.

Loans and advances of the Central Government from the RBI declined by Rs. 2,697 crores at Rs. 10,021 crores while those of State governments registered a rise of Rs. 494 crores to Rs. 4,087 crores during the same period.

Jump in non-food credit

Aggregate deposits of scheduled commercial banks in the fortnight ended July 14 rose by only Rs. 35 crores with the outstanding amount at Rs. 8,50,459 crores.

Food credit extended by scheduled commercial banks during the fortnight was down by Rs. 309 crores to Rs. 32,873 crores while non-food credit registered a rise of 2,229 crores in the fortnight under reference with the outstanding amount at Rs. 4,24,308 crores. In the earlier fortnight non-food credit had increased by Rs. 7,249 crores.

In the current financial year so far, non-food credit has improved by Rs. 14,041 crores against a drop of Rs. 2,229 crores in the same period last year. The increase in food credit for the same period was Rs. 7,182 crores (Rs. 5,881 crores).

Investments in government securities increased by Rs. 1,142 crores in the fortnight under reference to Rs. 2,97,834 crores while there was a decline of Rs. 82 crores under other approved securities at Rs. 30,909 crores.

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Section  : Business
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