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Home > Business > PTI > Report

Forex reserves cross $110 billion

April 03, 2004 14:23 IST

India's foreign exchange reserves increased by $319 million to cross record levels of $110 billion for the week ended March 26, 2004.

Fresh inflows and revaluation of the US dollar vis--vis other currencies, enabled forex reserves to grow by $319 million to $1.103 billion, according to Reserve Bank of India's weekly statistical bulletin released in Mumbai on Saturday.

Foreign currency assets also rose by $319 million to touch $1.061 billion, it said.

Gold reserves and special drawing rights remained static at $4.190 billion and $2 million, respectively.

India's Reserve Tranche Position with the International Monetary Fund fell by $5 million to $1.305 billion, the central bank said adding, the RTP may change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.

The loans and advances to central government were at a nil balance while that to state governments increased by Rs 359 crore (Rs 3.59 billion) at Rs 4,578 crore (Rs 45.78 billion), RBI added.

Aggregate deposits rose by Rs 19,803 crore (Rs 198.03 billion) (1.3 per cent) to Rs 15,01,931 crore (Rs 15,019.31 billion) for the fortnight ending March 19, it said.

Bank credit during this period increased by Rs 16,253 crore (Rs 162.53 billion) (2 per cent), RBI said and added food credit grew by Rs 103 crore (Rs 1.03 billion) to Rs 35,961 crore (Rs 359.61 billion) while non-food credit rose by

Rs 16,150 crore (Rs 161.50 billion) to Rs 7,99,420 crore (Rs 7,994.20 billion).

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Number of User Comments: 1

Sub: benefits to common man ??

How is this foreign reserves going to benefit common man in India ??? $110 bn is a huge hige money !! what are the governments ...

Posted by srinath



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