Forex reserves up $1,214 m

By Our Corporate Reporter

CHENNAI, DEC. 2. India's foreign currency reserves rose by $1,214 million during the week ended November 24, 2000 to $38,291 million from the previous week, according to the Reserve Bank of India's latest weekly statistical supplement.

The surge in foreign exchange was on account of State Bank of India bringing in India Millennium Deposit Scheme proceeds third time in a row. Total foreign currency assets (FCA) have increased by $1,214 million to at $35,489 million. Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-U.S. currencies (such as euro, sterling and yen) held in reserves.

During the week under reference, gold reserves and special drawing rights (SDRs) were unchanged at $2,800 million and $2 million respectively.

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Section  : Business
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