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Forex reserves cross $84-bn mark

July 26, 2003 14:37 IST

India's foreign exchange reserves crossed the $84 billion mark following record inflows during the week ending July 18, 2003.

The foreign exchange reserves jumped by $844 million and stood at $84.101 billion as on July 18.

The country's foreign currency assets swelled by $840 million to reach $80.398 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.

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

Gold reserves remained unchanged at 3.698 billion, while special drawing rights saw a rise of $4 billion and stood at $5 million.

RBI said loans and advances to the central government decreased by Rs 7,855 crore (Rs 78.55 billion) at Rs 2,528 crore (Rs 25.28 billion) while that to the states it grew by Rs 1,275 crore (Rs 12.75 billion) at Rs 5,423 crore (Rs 54.23 billion).

Aggregate deposits of scheduled commercial bank during the fortnight ended July 11 fell by Rs 55 crore (Rs 550 million) at Rs 13,43,120 crore (Rs 13,431.20 billion).

Bank credit also registered a decline of Rs 4,794 crore (Rs 47.94 billion) at Rs 7,25,574 crore (Rs 7,255.74 billion), it said.

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