Foreign currency assets down $44m

MUMBAI, MAY 19. India's foreign exchange reserves declined by $44 million to $42,738 million for the week ended May 11.

The foreign currency assets (FCA) decreased to $40,033 million, a fall of $44 million in the reporting week, according to the Reserve Bank of India's weekly statistical supplement here.

Gold reserves and special drawing rights (SDRs) stood at $2,695 million and $10 million respectively, same as in the previous week. The foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-U.S. currencies such as Euro, sterling and yen.

Loans and advances by the RBI to the Central Government fell by Rs. 997 crores during the week under reference to Rs. 8,112 crores while that to the State governments declined by Rs. 1,337 crores to Rs. 3,148 crores. Aggregate deposits of scheduled commercial banks grew by Rs. 1,463 crores (0.1 per cent) to Rs. 9,91,318 crores in the fortnight ended May 4, RBI said.

Bank credit in the reporting fortnight stood at Rs. 5,17,560 crores, a fall of Rs. 1,713 crores (0.3 per cent).

Food credit increased by Rs. 6,990 crores to Rs. 43,097 crores while non-food credit decreased by Rs. 8,702 crores to Rs. 4,74,463 crores, the RBI added.

- PTI

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