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Forex reserves cross $108 b

MUMBAI, MARCH 6. The country's foreign exchange reserves surged by $685 million to $108.36 billion following fresh inflows and revaluation of the U.S. currency vis-a-vis other currencies during the week ended February 27. Foreign exchange reserves stood at $108.360 billion following inflows of $685 million, according to the Reserve Bank of India's weekly statistical bulletin released here today. Foreign currency assets also saw a similar increase and stood at $104.069 billion, it said.

Gold reserves and special drawing rights during this period remained static at $4.289 billion and $2 million respectively.

India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) declined by $13 million to $1.311 billion, the central bank said. Loans and advances to the Central Government continued with a nil balance while that to States were down by Rs. 2,778 crores at Rs. 4,220 crores, the RBI added.

Aggregate deposits of scheduled commercial banks as on February 20 grew by Rs. 15,947 crores to Rs. 14,69,752 crores, the RBI said. Bank credit increased by Rs. 4,786 crores to Rs. 8,10,965 crores. Food credit was down by Rs. 1,200 crores at Rs. 35,268 crores. — PTI

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