The Hindu : Forex reserves up $378m

Online edition of India's National Newspaper
Sunday, Feb 09, 2003

Business

Business

Forex reserves up $378m

MUMBAI FEB. 8. Revaluation of the Euro vis-a-vis the U.S. dollar and gold stock have further pushed up India's foreign exchange reserves to cross the $73.5 billion mark during the week ended January 31.

Foreign exchange reserves rose by $378 million to $73.583 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today.

Foreign currency assets increased by $134 million to $69.888 billion while gold reserves swelled by $244 million, due to revaluation, to $3.688 billion, the RBI said.

The quantum of inflows to foreign currency assets was small in the reporting week due to month-end demand, dealers said. Special drawing rights, however, remained unchanged at $7 million.

Loans and advances to the Central Government showed a nil balance while that to States dropped by Rs. 247 crores to Rs. 5,504 crores.

Aggregate deposits during the fortnight ended January 24 rose by Rs. 1,830 crores taking the total to Rs. 12,63,968 crores while bank credit was up by Rs. 4,911 crores at Rs. 6,96,551 crores, it said.

Food credit declined by Rs. 358 crores to Rs. 49,784 crores while non-credit increased by Rs. 5,269 crores to Rs. 6,46,767 crores, the RBI said. — PTI

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