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Forex reserves cross $92 b

MUMBAI NOV. 8. With further inflow of $706 million during the week ended October 31, India's foreign exchange reserves continued to swell to record highs crossing the $92 billion mark.

Foreign exchange reserves surged ahead and during the week under review rose to $92.598 billion from $91.892 billion a week ago, according to the Reserve Bank of India's weekly statistical supplement.

The reserves have gone up mainly due to depreciation of the dollar vis-a-vis other foreign currencies and fresh inflows.

The RBI said foreign currency assets also rose by $706 million to $88.674 billion.

The Reserve Tranche Position (RTP) with the International Monetary Fund decreased by $4 million to $1.205 billion.

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 down by $1 million to $3.920 billion while special drawing rights remained static at $4 million, it added. — PTI

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