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Forex reserves at record high of $63.93 billion

The country's foreign exchange reserves rose further by $673 million to $63,932 million during the week ended October 11.

Reserve Bank of India's weekly statistical bulletin showed that the entire growth of $673 million in the total forex reserve was contributed by the ever increasing foreign currency assets which shot up further by $673 million to $60,622 million, while the gold reserve and the Special Drawing Rights remained unchanged at $3,300 and $10 million respectively.

The continuous rise in foreign currency assets was mainly because of RBI's indirect intervention in the forex market and mopping up excess dollar inflows through state-run banks to check the rupee's appreciation, forex dealers said.

During the week, the rupee appreciated by two paise against the dollar from Rs 48.36 to Rs 48.34. Though the inflows were much higher than the feeble import demand, state-run banks absorbed the excess dollar supplies, checking the rupee's gains.

The loans and advances of the central government was nil as on October 11, as compared to Rs 1,563 crore (Rs 15.63 billion) on October 4, while that of the state governments rose by Rs 210 crore (Rs 2.10 billion) to Rs 5,916 crore (Rs 59.16 billion).

The aggregate deposits of the scheduled commercial banks shot up by Rs 15,909 crore(Rs 159.09 billion) to Rs 12,42,116 crore (Rs 12,421 billion) and the total bank credit rose by Rs 11,381 crore (Rs 113.81 billion) to Rs 6,73,112 crore (Rs 6731.12 billion) during the fortnight ended October 4.

UNI

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