Date:02/05/2004 URL: http://www.thehindu.com/2004/05/02/stories/2004050200401500.htm

Business

Reserves touch $118 b

MUMBAI, MAY 1. India's foreign exchange reserves rose further by $ 287 million to reach $117.87 billion for the week ended April 23.

Foreign currency assets surged ahead by $291 million to $112.39 billion, according to Reserve Bank of India's weekly statistical supplement issued here today.

Revaluation of dollar vis-a-vis other currencies and export remittances resulted in the rise in reserves.

Gold reserves and special drawing rights remained static at $4,198 million and $2 million respectively.

India's reserve tranche position (RTP) with the International Monetary Fund (IMF) further declined by $ 4 million to $1,285 million, the central bank added.

Loans and advances to Central Government continued to have a nil balance while that to state governments fell by Rs. 1,764 crores to Rs. 2,658 crores, RBI said. — PTI