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Forex reserves cross $119 b

MUMBAI, JUNE 5. After witnessing a decline in the previous week, India's foreign exchange reserves soared by over $1.24 billion to cross $119 billion, for the week ended May 28. Foreign exchange reserves rose from $118.57 billion to $119.82 billion during the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets registered a growth of $1.23 billion at $114.32 billion.

Analysts said revaluation of the U.S. dollar against other international currencies and fresh inflows led to this upsurge in reserves.

The RBI said gold reserves and special drawing rights remained static at $4.191 billion and $2 million respectively.

India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) increased by $13 million to $1.301 billion, the central bank said. Loans and advances to the Central Government declined by Rs. 731 crores to Rs. 3,421 crores, while that to States dropped by Rs. 387 crores to Rs. 3,649 crores, it added.

PTI

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