Forex reserves up $160m

By Our Corporate Reporter

CHENNAI, DEC. 23.Total foreign exchange reserves have increased by $160 million in the week ended December 15, to $39,637 million as compared to the previous week, according to the latest weekly statistical supplement of the Reserve Bank of India.

The rise in forex reserves was mainly due to the increase of $160 million in foreign currency assets which stood at $36,883 million in the week under reference.

Foreign currency assets (FCAs) expressed in dollar terms include the effect of appreciation/depreciation of non-U.S. currencies like euro, pound sterling and yen held in reserves, the RBI said.

During the week, gold holdings and special drawing rights (SDRs) were unchanged at $2,752 million and $2 million respectively.

The variation in FCAs over end-March 2000 was $1,825 million. As gold holdings have declined by $222 million and SDRs by $2 million, the growth in total reserves was thus $1,601 million.

On a year-to-year basis, the growth in FCAs was $5,536 million. Gold holdings and SDRs witnessed a negative growth of $286 million and $2 million respectively. Total reserves were up by $5,248 millions.

Borrowings of the Central Government have dropped by Rs. 3,382 crores in the week ended December 15 to Rs. 3,844 crores, while that of State governments were higher by Rs. 332 crores at Rs. 4,422 crores. Loans and advances to scheduled commercial banks have risen by Rs. 325 crores to Rs. 5,950 crores.

Send this article to Friends by E-Mail

Section  : Business
Next     : Syngenta India to list on BSE