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Forex reserves swell to $87 b

MUMBAI SEPT. 13. In one of the largest inflows in recent times, India's foreign exchange reserves have shot up by $1.11 billion to cross the $87 billion mark, a new record high, for the week ended September 5, according to the Reserve Bank of India's weekly statistical supplement released here today.

Foreign currency assets swelled by $1.018 billion to $83.642 billion during the week under review, a day before the new RBI Governor, Y. V. Reddy, took over from Bimal Jalan. This massive rise was mainly led by the accretion of the rupee against the U.S. dollar, analysts said. Gold reserves at $3.720 billion, registered a growth of $92 million while special drawing rights remained unchanged at $3 million. Loans and advances to the Central Government had a nil balance while that to States declined by Rs. 469 crores to Rs. 3,505 crores, the apex bank said.

Aggregate deposits of scheduled commercial banks rose by Rs. 18,530 crores to Rs. 13,68,503 crores during the fortnight ended August 29. — PTI

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