Mumbai, Apr 03: India's foreign exchange reserves increased by $319 million to cross record levels of $1.10 billion for the week ended March 26, 2004. Fresh inflows and revaluation of US dollar vis-a-vis other currencies, enabled forex reserves to grow by $319 million to $1,10,317 million, according to Reserve Bank of India's weekly statistical bulletin released here today. Foreign currency assets also rose by $319 million to touch $1,06,125 million, it said. Gold reserves and special drawing rights remained static at $4,190 million and $2 million respectively. India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) fell by $5 million to $1,305 million, the RBI said, adding that the RTP may change from time to time due to India's transactions with IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.
The loans and advances to the Centre were at a nil balance while that to state governments increased by Rs 359 crore at Rs 4,578 crore, RBI added.
Aggregate deposits rose by Rs 19,803 crore (1.3 per cent) to Rs 15,01,931 crore for the fortnight ending March 19, it said.
Bank credit during this period increased by Rs 16,253 crore (two per cent), RBI said, adding that food credit grew by Rs 103 crore to Rs 35,961 crore, while non-food credit rose by Rs 16,150 crore to Rs 7,99,420 crore.
Bureau Report