Mumbai, Sept 13: In one of the largest inflows in recent times, India's foreign exchange reserves have shot up by US dollar 1.11 billion to cross the USD 87 billion mark, a new record high, for the week ended September five. The foreign exchange reserves of the country also rose from USD 86,255 million to USD 87,365 million in the reporting period under review, according to reserve bank of India's weekly statistical supplement released here today.
The foreign currency assets swelled by USD 1,018 million at USD 83,642 million for week ended September five, a day before new RBI governor Y V Reddy took over from Bimal Jalan.
This massive rise was mainly lead by the accretion of the rupee against the US dollar, analysts said.
Gold reserves at USD 3,720 million, registered a growth of USD 92 million while special drawing rights remained unchanged at USD three million.
Loans and advances to central government had a nil balance while that to states declined by Rs 469 crore at Rs 3,505 crore, the apex bank said.
Bureau Report