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Forex reserves up $1.73b

MUMBAI: Foreign exchange reserves have risen by $1.73 billion during the week ended August 12 and stood at $144.38 billion, according to the Reserve Bank of India's weekly statistical supplement released here on Saturday. The rise in inflows was mainly due to the revaluation of international currencies, especially the dollar, analysts said.

Foreign exchange reserves over the past three weeks have increased by $6.82 billion. Foreign currency assets also have increased by $1.86 billion to $138.52 billion. Gold reserves and Special Drawing Rights (SDRs) remained static at $4.40 billion and $4 million, it said.

The reserve tranche position fell by $120 million to $1.45 billion.

During the fortnight ended August 5, aggregate deposits rose by Rs. 29,223 crore to Rs. 18,38,419 crore. Demand deposits were up by Rs. 20,998 crore at Rs. 2,82,595 crore and time deposits by Rs. 8,225 crore at Rs. 15,55,823 crore.

Bank credit grew by Rs. 5,546 crore to Rs. 1,85,456 crore. Food credit has increased by Rs. 583 crore to Rs. 40,240 crore while non-food credit grew by Rs. 4,694 crore to Rs. 11,45,216 crore. — PTI

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