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India's forex reserves cross $77 bn

May 03, 2003 13:55 IST

India's foreign exchange reserves crossed the $77 billion mark, a record high, following fresh inflows during the week ended April 25.

During the past three weeks, the forex reserves grew by $1.9 billion.

The country's foreign exchange reserves rose sharply by $933 million to touch $77,010 million in the reporting week, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

The foreign currency assets also grew by $933 million at $73,472 million, it added.

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

RBI said gold reserves and special drawing rights during this period remained unchanged at $3,534 million and $4 million respectively.

The loans and advances to Central government declined by Rs 10,370 crore (Rs 103.7 billion) at Rs 7,959 crore (Rs 79.59 billion) while that to state governments grew by Rs 1,217 crore (Rs 12.17 billion) at Rs 5,947 crore (Rs 59.47 billion), the RBI said.

The aggregate deposits fell by 0.2 per cent) to Rs 13,20,858 crore (Rs 13208.58 billion) while bank credit also declined sharply by Rs 17,006 crore (Rs 170.06 billion).

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