Date:04/04/2004 URL: http://www.thehindu.com/2004/04/04/stories/2004040400651500.htm

Business

Forex reserves exceed $110 b

MUMBAI, APRIL 3. India's foreign exchange reserves increased by $319 million to cross record levels of $110 billion during the week ended March 26.

Fresh inflows and revaluation of the dollar vis-a-vis other currencies, enabled forex reserves to grow by $319 million to $110.317 billion, according to the Reserve Bank of India's weekly statistical bulletin released here today.

Foreign currency assets also rose by $319 million to $106.125 billion, it said.

Gold reserves and special drawing rights remained static at $4.190 billion and $2 million respectively.

India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) fell by $5 million to $1.305 billion, the central bank said adding, the RTP might change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.

PTI