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India's forex reserves cross $125 bn

November 27, 2004 13:52 IST

Robust trade and overseas investment inflows along with revaluation of currencies propelled India's foreign exchange reserves to rise further by $1.56 billion to cross $125 billion mark during the week ended November 19.

Foreign exchange reserves for the week under review grew by $1,560 million to $1,25,098 million, the Reserve Bank of India said in its weekly statistical supplement released on Saturday.

The foreign exchange kitty has seen inflows of $3.91 billion in the month till November 19. The foreign currency assets were also up by $1,551 million to $1,19,396 million, the RBI said.

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

Special Drawing Rights and gold remained static at $5 million and $4,351 million respectively, it said. India's Reserve Tranche Position with the International Monetary Fund rose by $9 million to reach $ 1,346 million, it said.

Loans and advances to the central government had a nil balance while that to state governments were up by Rs 769 crore (Rs 7.69 billion) to Rs 4,477 crore (Rs 44.77 billion).

The RBI said during the fortnight ending November 12, aggregate deposits declined by Rs 20,257 crore (Rs 202.57 billion) down 1.3 per cent to Rs 15,96,617 crore (Rs 15966.17 billion).

Demand deposits were down by Rs 20,279 crore (Rs 202.79 billion) to Rs 2,25,757 crore (Rs 2257.57 billion) while time deposits were up by Rs 22 crore (Rs 220 million) to Rs 13,70,860 crore (Rs 13708.60 billion).

The bank credit was up by Rs 7,241 crore (Rs 72.41 billion) to Rs 9,95,517 crore (Rs 9955.17 bilion).

Food credit rose by Rs 1,516 crore (Rs 15.16 billion) to Rs 41,228 crore (Rs 412.28 billion) while non-food credit went up by Rs 5,725 crore (Rs 57.25 billion) to Rs 9,54,289 crore (Rs 9542.89 billion).

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