India's foreign exchange reserves continue to be on the upswing following fresh inflows of $700 million to cross the $88 billion mark for the week ending September 19, 2003.
The week's inflows of $700 has taken the country's foreign exchange reserves to $88.556 billion, according to Reserve Bank of India's weekly statistical supplement.
The foreign exchange reserves have grown by over $13 billion since April this year.
The foreign currency assets also grew by $700 million to $84.832 billion in view of the appreciation of non-US currencies like euro, sterling and yen held in reserves, the RBI said.
A further $10 million was contributed towards the Reserve Tranche Position with the International Monetary Fund, RBI said.
Gold reserves and special drawing rights were static at $3.720 billion and $4 million.
Loans and advances to the central government had a nil balance while that to the states increased by Rs 1,056 crore (Rs 10.56 billion) at Rs 3,449 crore (Rs 34.49 billion), the central bank said.