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Forex reserves rise to $109.59 bn

March 20, 2004 13:44 IST

India's foreign exchange reserves continued to rise with inflows of $464 million to reach record levels of $109.59 billion for the week ended March 12.

Following fresh inflows and revaluation of the United States currency vis-a-vis other currencies, the foreign exchange reserves grew from $1,09,132 million to $1,09,596 million, according to the Reserve Bank of India's weekly statistical bulletin released in Mumbai on Saturday.

The foreign currency assets rose by $464 million to touch $1,05,404 million, it said.

RBI Deputy Governor K J Udeshi on Friday said that forex reseves had grown substantially but were not in plenty as yet.

The reporting week also saw the mega offer for sale of Oil and Natural Gas Corporation shares, which received 6.44 times bids over the issue size with a major participation coming from domestic and foreign institutional investors.

Gold reserves and special drawing rights remained static at $4,190 million and $2 million, respectively.

India's reserve tranche position with the International Monetary Fund declined by $1 million to $1,296 million, the central bank said, adding the RTP might change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.

The loans and advances to central government continued with a nil balance while that to state governments were down by Rs 2,109 crore (Rs 21.09 billion) at Rs 1,712 crore (Rs 17.12 billion), RBI added.

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