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Forex reserves cross $73 billion
February 01, 2003 13:23 IST
India's foreign exchange reserves crossed the $73 billion mark with a further infusion of $805 million during the week ending January 24, 2003.
The foreign exchange reserves stood at $73.205 billion in the week under review, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
RBI said the foreign currency assets for the week ended January 24 also rose substantially by $805 million to $69.75 billion. The inflows have been attributed mainly to export remittances and currency valuation, RBI source said.
Gold reserves and special drawing rights remained static at $3.44 billion and $7 million respectively.
Loans to state governments declined by Rs 933 crore (Rs 9.93 billion) to Rs 5,751 crore (Rs 57.51 billion) while that to the Centre maintained a nil balance.
During the three weeks in January alone, forex reserves had soared by $2.3 billion.
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