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Forex reserves approaching $55b

MUMBAI APRIL 20. India's foreign exchange reserves inched closer towards the $55 billion mark with a further surge of $250 million in the week ended April 12.

Foreign exchange reserves rose from $54.555 billion to $54.805 billion in the reporting week, according to the Reserve Bank of India's weekly statistical report here today.

In the last six weeks, foreign exchange inflows have shot up by more than $3.7 billion taking the reserves to record highs.

Foreign currency assets rose by $248 million in the week ended April 12 to $51.746 billion. Special drawing rights at $12 million grew by $2 million. Gold reserves remained unchanged at $3.047 billion.

Loans and advances to the Central Government increased by Rs. 8,191 crores to Rs. 15,599 crores while that to States declined by Rs. 821 crores to Rs. 6,773 crores.

Aggregate deposits of scheduled commercial banks for the fortnight ended April 5 rose by Rs. 27,550 crores to Rs. 11,28,003 crores while bank credit swelled to Rs. 6,03,329 crores, up by Rs. 17,498 crores.

Food credit was down by Rs. 2,272 crores at Rs. 51,706 crores while non-food credit increased by Rs. 19,770 crores to Rs. 5,51,623 crores, the RBI added. — PTI

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