The Hindu : Forex reserves soar by $1b

Online edition of India's National Newspaper
Sunday, Feb 16, 2003

Business

Business

Forex reserves soar by $1b

MUMBAI FEB. 15. India's foreign exchange reserves soared by over $1 billion for the third time in the last seven weeks to cross the $74 billion mark, a record level, mainly due to foreign direct investments and export remittances.

Foreign exchange reserves swelled by $1.084 billion, the highest rise in the current fiscal, to $74.667 billion for the week ended February 7 according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets increased to $70.972 billion, recording a jump of $1.084 billion in the period under review, the apex bank added.

Foreign exchange reserves rose by $1.053 billion and $1.073 billion during the week ended January 17 and December 28 respectively.

The RBI said gold reserves and special drawing rights remained static at $3.688 billion and $7 million respectively.

Loans to State governments rose by Rs. 61 crores to Rs. 5,565 crores while that to the Centre maintained a nil balance.

Aggregate deposits of scheduled commercial banks during the fortnight ended January 31 rose by Rs. 17,434 crores taking the total to Rs. 12,76,561 crores while bank credit was up by Rs. 15,152 crores at Rs. 704,087 crores, the RBI said.

Food credit declined by Rs. 1,499 crores to Rs. 50,447 crores while non-food credit increased by Rs. 16,652 crores to Rs. 653,639 crores.

— PTI

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