The Hindu : Forex reserves up $761 m

Online edition of India's National Newspaper
Sunday, Feb 08, 2004

Business

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Forex reserves up $761 m

MUMBAI, FEB. 7. India's foreign exchange reserves rose by a further $761 million to near the $105 billion mark for the week ended January 30. The reserves went up by $761 million at $104.998 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets also saw an increase of $761 million at $100.780 billion, it said.

Forex market sources said the reserves have gone up due to fresh inflows and revaluation of the U.S. dollar vis-a-vis other currencies.

The RBI said gold reserves and special drawing rights remained static at $4.215 billion and $3 million respectively.

India's Reserve Tranche Position (RTP) with the International Monetary Fund declined by $16 million to $1.312 billion, the central bank said adding, the RTP might change from time-to-time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.

Loans and advances to the Central Government continued with a nil balance while that to States declined by Rs. 78 crores to Rs. 4,122 crores, the RBI added.

Aggregate deposits of scheduled commercial banks for the fortnight ended Janaury 23 grew by Rs. 2,292 crores to Rs. 14,39,685 crores.

PTI

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