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Forex reserves zoom to $92.59 billion

November 08, 2003 17:04 IST

With further inflow of $706 million during the week ending October 31, 2003 , India 's foreign exchange reserves continued to swell to record highs crossing the $92 billion mark.

The country's foreign exchange reserves surged ahead and during the week under review rose to $92,598 million from $91,892 million a week ago, according to Reserve Bank of India 's weekly statistical supplement released here on Saturday.

The reserves have gone up mainly due to depreciation of US dollar vis-a-vis other foreign currencies and fresh inflows.

RBI said the foreign currency assets also rose substantially by $706 million at $88,674 million.

The Reserve Tranche Position (RTP) with the International Monetary Fund decreased by $4 million to $1,205 million

The apex bank said RTP may change from time to time due to India's transactions under the Financial Transaction Plan with the IMF as well as changes in special drawing right exchange rates vis-a-vis Rupee and US dollar.

Gold reserves were down by $1 million to $3,920 million while special drawing rights remained static at $4 million, it added.

While loans and advances to Central government had a nil balance, that to state governments increased by Rs 556 crore at Rs 5,083 crore during the week ended October 31.

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