Sunday, Feb 22, 2004
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MUMBAI, FEB. 21. India's foreign exchange reserves grew further by $899 million to $107.5 billion for the week ended February 13. Foreign exchange reserves rose by $899 million to $107.506 billion in the period under review, according to Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets also saw an increase of $900 million to $103.215 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 remained static at $4.289 billion while the special drawing rights declined by $1 million to $2 million. India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) rose by $19 million to $1.336 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 were up by Rs. 1,073 crores at Rs. 4,918 crores, the RBI added. Aggregate deposits of scheduled commercial banks as on February 6 grew by Rs. 14,120 crores to Rs. 14,53,805 crores, the RBI said. Bank credit increased by Rs. 10,829 crores to Rs. 806,180 crores. Food credit was down by Rs. 218 crores at Rs. 36,468 crores while non-food credit increased by Rs. 11,047 crores to Rs. 769,711 crores, the apex bank said. - PTI
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