Mumbai, Sept 27: India's foreign exchange reserves continue to be on the upswing following fresh inflows of US dollar 700 million to cross the USD 88 billion mark for the week ending September 19, 2003. The week's inflows of USD 700 has taken the country's foreign exchange reserves to USD 88,556 million, according to Reserve Bank of India's weekly statistical supplement.
The foreign exchange reserves have grown by over USD 13 billion since April this year.
The foreign currency assets also grew by USD 700 million to USD 84,832 million in view of the appreciation of non-US currencies like Euro, sterling and yen held in reserves, the RBI said.
A further USD 10 million was contributed towards the reserve tranche position with the International Monetary Fund, RBI said.
Gold reserves and special drawing rights were static at USD 3,720 million and USD four million.
Loans and advances to central government had a nil balance while that to states increased by Rs 1,056 crore at Rs 3,449 crore, the central bank said.
Bureau Report