India's foreign exchange reserves surged ahead by $1.72 billion to touch $103.82 billion during the week ended January 9, 2004.

The reserves grew by $1,721 million due to inflows, foreign exchange remittances, dollar revaluation vis-a-vis other foreign currencies, and stood at $1,03,824 million, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday today.

The foreign currency assets also rose by $1,721 million to stand at $99,606 million, the RBI said.

Gold reserves and special drawing rights were static at $4,215 million and $3 million, respectively during this period.

India's reserve tranche position with the International Monetary Fund grew by another $10 million to $1,326 million, 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 dollar.

Loans and advances to the central government continue to be at a nil balance while that to state governments increased by Rs 1,867 crore (Rs 18.67 billion) to Rs 7,743 crore (Rs 77.43 billion) during this period, it said.