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Forex reserves cross $80b

MUMBAI MAY 31. India's foreign exchange reserves continue to scale new heights and crossed the $80 billion mark following inflows of $1.591 billion during the week ended May 23. Foreign exchange reserves rose by $1.591 billion to touch $80.816 billion in the reporting week, according to the Reserve Bank of India's weekly statistical supplement released here today.

Foreign currency assets rose by $1.596 billion to $77.426 billion, it added.

The rise is mainly due to fresh inflows and revaluation of non-U.S. currencies, including the euro, against the U.S. dollar, analysts said. Gold reserves remained static at $3.389 billion. Special drawing rights declined by $5 million to $1 million.

Loans and advances to the Central Government declined by Rs. 3 crores to Rs. 8,854 crores, the RBI added. — PTI

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