Mumbai, Jan 04: After recording a massive jump of over one billion US dollar in the previous week, India's foreign exchange reserves crossed a record high level of USD 70 billion in the week ended on December 27. Fresh inflows, export remittances and revaluation of the Euro vis-a-vis the US dollar led to a rise of USD 783 million at USD 70,291 in the country's foreign exchange reserves for the period under review.

In the 52 weeks period ended December 27, 2002, the total reserves grew by USD 22.24 billion.

According to Reserve Bank of India's weekly statistical supplement the foreign currency assets reached USD 66,981 million, up by USD 783 million.
In the previous week ended December 20, the foreign exchange reserves of the country rose sharply by USD 1,073 million to reach USD 69,508 million. They had increased by USD 896 million, USD 828 million, USD 817 million and USD 755 million during the week ended June 28, December six, July 19 and November eight respectively. Bureau Report