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Forex reserves inch closer to $75 billion
April 05, 2003 13:53 IST
After a dip last week, India's foreign exchange reserves again went up to record highs and were nearing the $75 billion mark during the week ended March 28, 2003.
Increased remittances and fresh inflows saw foreign exchange reserves spurt by $984 million as against a fall of $97 million in the previous week. The reserves now stand at $74,805 million, according to Reserve Bank of India's weekly statistical supplement released on Saturday.
The total inflows for the entire fiscal stood at $20,651 million as against $11,898 million in the previous year, according to RBI.
The foreign currency assets also rose considerably by $984 million to cross the $71 billion mark and stood at $71,076 million.
Gold reserves and special drawing rights remained static at $3,725 million and $4 million respectively, it added.
In the week ended March 28, loans and advances to the central government continued to have a nil balance but that to state governments recorded a surplus of Rs 2,254 crore (Rs 22.54 billion) at Rs 5,459 crore (Rs 54.59 billion), the apex bank said.
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