The Hindu : Business : Forex reserves up $1 b

Online edition of India's National Newspaper
Sunday, Aug 15, 2004

Business

Business

Forex reserves up $1 b

MUMBAI, AUG. 14. After witnessing a downward trend for the past two weeks, India's foreign exchange reserves rose by $1.01 billion to cross the $119 billion mark during the week ended August 6.

These reserves had witnessed an outflow of about $2.75 billion during the previous two weeks. Foreign exchange reserves, during the period under review, rose from $118.319 billion to $119.336 billion.

Foreign currency assets also registered a rise of $951 million at $113.918 billion, according to the Reserve Bank of India's weekly statistical supplement released here today.

The RBI's intervention to mop up dollar and fresh inflows led to this growth in reserves, analysts said.

Gold reserves rose by $66 million to $4.123 billion while special drawing rights were static at $2 million, the central bank said.

India's Reserve Tranche Position with the International Monetary Fund stood at $1.293 billion, it said.

Loans and advances to the Centre rose by Rs. 7,567 crores to Rs. 7,579 crores while that to States dropped by Rs. 936 crores to Rs. 3,162 crores, it added.

The RBI said during the fortnight ending July 30, aggregate deposits grew by Rs. 21,335 crores to Rs. 15,81,288 crores. Demand deposits rose by Rs. 2,784 crores to Rs. 2,15,337 crores.

The time deposit base rose to Rs. 13,65,950 crores, a growth of Rs. 18,571 crores.

Food credit was down by Rs. 769 crores at Rs. 42,292 crores while non-food credit was up by Rs. 7,556 crores at Rs. 8,41,903 crores, the apex bank added.

PTI

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