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Forex reserves cross $97 b mark

MUMBAI DEC. 13. Foreign exchange reserves surged ahead by over one billion dollars for the second time within a month and crossed the $97 billion mark.

During the week ended December 5, record inflows saw a further accretion to the foreign exchange reserves by $1.45 billion and stood at $97.52 billion, according to Reserve Bank of India's weekly statistical supplement.

The foreign currency assets during the reporting period rose by $1.33 billion at $93.48 billion. RBI said gold reserves grew by $118 million due to revaluation to reach $4.04 billion while special drawing rights remained unchanged at $ 3 million respectively.

According to RBI latest supplement,bank credit also increased by Rs. 4,711 crores to Rs. 7,66,636 crores. Non-food credit rose by Rs. 3,688 crores at Rs. 7,30,175 crores in the fortnight, RBI added.

PTI

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