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New high in forex reserves

MUMBAI JAN. 3. Fresh inflows of $541 million further pushed up India's foreign exchange reserves to a new record high and close to $100.6 billion during the week ended December 26.

Foreign exchange reserves rose to $100.590 billion from $100.049 billion for the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. This rise has been less compared to previous three weeks when the foreign exchange reserves had swelled by more than $1 billion each week. Foreign currency assets increased by $541 million to $96.549 billion, it said.

During October-December, the Government has prepaid a portion of bilateral foreign currency loans amounting to $576.84 million (Rs. 2,615.98 crores) and currency pool loans of World Bank aggregating $1437.05 million (Rs. 6,517 crores) taking into account the strong foreign exchange reserves and soft interest rates in domestic market.

The Government has also decided to prepay some more bilateral foreign currency loans (from Italy) amounting to $93.61 million by purchasing the foreign currency from the RBI at prevailing exchange rate.

The RBI said the gold and special drawing rights remained unchanged at $4.038 billion and three million. — PTI

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