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Forex reserves up $464 m

MUMBAI, MARCH 20. India's foreign exchange reserves continued to rise with inflows of $464 million to reach record level of $109.59 billion for the week ended March 12. Following fresh inflows and revaluation of the U.S. currency vis-a-vis other currencies, foreign exchange reserves grew from $109.132 billion to $109.596 billion, according to the Reserve Bank of India's weekly statistical bulletin released here today. Foreign currency assets rose by $464 million to $105.404 billion, it said. The reporting week also saw the mega offer for sale of ONGC shares, which received 6.44 times bids over the issue size with a major participation coming from domestic and foreign institutional investors.

Gold reserves and special drawing rights remained static at $4.190 billion and $2 million respectively. — PTI

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