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Forex reserves up $869 million

July 12, 2003 16:04 IST

After recording a decline in the previous week, India's foreign exchange reserves jumped by $869 million at $82.774 billion during the week ended July 4.

The country's foreign currency assets swelled by $844 million to reach $79.075 billion in the period under review, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

Analysts said the rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the US dollar.

Gold reserves at $3.698 billion, rose by $25 million while special drawing rights saw a nil balance.

The foreign exchange reserves do not include the country's reserve tranche position with the International Monetary Fund, the apex bank added.

In the week ended June 27, the reserves had decreased by $215 million.

RBI said loans and advances to the central government increased by Rs 4,057 crore (Rs 40.57 billion) at Rs 12,202 crore (Rs 122.02 billion) while that to the states grew by Rs 42 crore (Rs 420 million) at Rs 2,893 crore (Rs 28.93 billion).

Aggregate deposits of scheduled commercial bank during the fortnight ended July 27 increased by Rs 11,801 crore (0.9 per cent) at Rs 13,43,174 crore (Rs 13,431.74 billion).

Bank credit registered a growth of Rs 2,687 crore (0.4 per cent) at Rs 7,32,817 crore (Rs 7,328.17 billion), it said.

Food credit declined by Rs 499 crore (Rs 4.99 billion) at Rs 50,066 crore (Rs 500.66 billion) while non-food credit rose by Rs 3,187 crore (Rs 31.87 billion) at Rs 6,82,751 crore (Rs 6,827.51 billion), RBI added.

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