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Forex reserves cross $73b

MUMBAI FEB. 1. India's foreign exchange reserves crossed the $73 billion mark with a further infusion of $805 million during the week ended January 24.

These reserves stood at $73.205 billion in the week under review, according to the Reserve Bank of India's weekly statistical supplement.

The RBI said foreign currency assets in the week ended January 24 also rose by $805 million to $69.754 billion.

The inflows have been attributed mainly to export remittances and currency valuation, according to an RBI source.

Gold reserves and special drawing rights remained static at $3.444 billion and $7 million respectively.

Loans to State governments declined by Rs. 933 crores to Rs. 5,751 crores while that to the Centre maintained a nil balance. During the three weeks in January alone, forex reserves had soared by $2.3 billion and crossed the record level of $73 billion. — PTI

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