Sunday, Mar 27, 2005
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MUMBAI, MARCH 26. India's foreign exchange reserves continued to surge and grew by $1.7 billion to cross $142 billion mark for the week ended March 18 due to the Reserve Bank of India's intervention in the market. These reserves rose by $1.701 billion to touch $142.130 billion, according to the RBI's weekly statistical supplement released here today. Foreign currency assets went up by $1.707 billion to reach $136.291 billion for the reporting week. Gold reserves and Special Drawing Rights remained static at $4.376 billion and $5 million respectively, it added. The reserve tranche position in the International Monetary Fund declined by $6 million to $1.458 billion. The inflows were mainly due to ongoing intervention by the central bank in the forex market, foreign institutional investor inward investments and revaluation of foreign currencies, analysts said. Loans and advances to the State governments declined by Rs. 251 crores to Rs. 788 crores while that to the Centre showed a nil balance. — PTI
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