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Forex reserves cross $127 bn

December 04, 2004 14:40 IST

Heavy investment inflows and revaluation of currencies led to a surge in the country's foreign exchange by a record $1.82 billion during the week ending November 26, 2004.

The inflows propelled the foreign exchange reserves to rise by $1.82 billion for the week under review to $126.92 billion, according to the Reserve Bank of India's weekly statistical supplement released on Saturday.

The foreign exchange kitty during the last month has seen inflows of $5.73 billion.

Foreign currency assets were also up by $181 billion to touch 121.21 billion, the RBI said.

Remittances of export proceeds, foreign institutional investments and revaluation of international currencies, including the US dollar, contributed to the spurt in reserves, analysts said.

Gold and special drawing rights remained static at $4.35 billion and $5 million respectively, it said.

India's Reserve Tranche Position with the International Monetary Fund grew further by $9 million to reach $ 1.36 billion, it said.

Loans and advances to the central government had a nil balance while that to state governments fell by Rs 223 crore (Rs 2.23 billion) to Rs 4,264 crore (Rs 42.64 billion), the RBI said.

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