Business   

Forex reserves cross $91 b

MUMBAI OCT. 25. After registering a rise of over $2 billion in the previous week, India's foreign exchange reserves increased by $962 million to cross the $91 billion mark in the week ended October 17.

Foreign exchange reserves rose from $90.353 billion to $91.315 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today.

The reserves have gone up mainly due to fresh inflows and depreciation of the dollar vis-a-vis other foreign currencies. The RBI said foreign currency assets grew by $962 million to $87.392 billion.

The Reserve Tranche Position (RTP) with the International Monetary Fund saw a decline of $8 million.

The apex bank said the RTP might change from time to time due to India's transactions under the Financial Transaction Plan with the IMF as well as changes in special drawing right exchange rates vis-a-vis the rupee and the dollar.

Gold reserves were static at $3.919 billion while special drawing rights remained unchanged at $4 million, it added.

Loans and advances to the Central Government had a nil balance while that to States declined by Rs. 2,708 crores to Rs. 3,147 crores during the week ended October 17.

The RBI said aggregate deposits of scheduled commercial banks for the fortnight ended October 3 rose by Rs. 4,850 crores to Rs. 13,82,184 crores.

Bank credit in the period under review increased to Rs. 752,068 crores, up by Rs. 16,522 crores, it said.

Food credit decreased by Rs. 93 crores to Rs. 37,372 crores while non-food credit grew by Rs. 16,615 crores to Rs. 714,696 crores in the reporting fortnight, the apex bank added.

— PTI

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• Forex reserves cross $91 b
• Tax collections up
• Targeting domestic BPO
• Samvat 2060 begins on positive note
• IBS buys Avient from Honeywell
• HDFC Bank, Navy sign pact

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu