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Forex reserves cross $104 billion
January 31, 2004 14:24 IST
After recording a drop in the previous week, India's foreign exchange reserves went up by over $1 billion to cross the $104-billion mark for the week ended January 23.
The country's foreign exchange reserves rose by $1.11 billion to $104.237 billion in the period under review, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
The foreign currency assets also crossed the $100-billion mark. There was an increase of $1,111 million to touch $1,00.019 million, it said.
Forex market sources said the reserves have gone up due to fresh inflows and revaluation of the US dollar vis-à-vis other currencies.
RBI said gold and special drawing rights remained unchanged at $4.215 billion and $3 million respectively.
India's Reserve Tranche Position with the International Monetary Fund increased by $13 million to $1.328 billion, 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 the dollar.