Forex reserves top $120 billion

India's foreign exchange reserves surged by $980 million to cross $120 billion mark during the week ending October 22, 2004.

Foreign currency exchange reserves for the week under review grew by $980 million to $120.616 billion, the Reserve Bank of India said in its weekly statistical supplement released on Saturday.

The foreign currency assets were also up by $966 million to $115.101 billion, the RBI said.

The foreign institutional inflows, accretion of funds for NTPC public offer and revaluation of international currencies, including the US dollar, contributed to the surge in reserves, analysts said.