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Forex reserves rise to $137.5 bn

March 12, 2005 14:07 IST
Source:PTI
The country's foreign exchange reserves continued to surge ahead and for the third week in a row crossed the $1.5 billion mark.

The forex reserves for the week ending March 4, rose by $1.9 billion to touch the $137.55 billion mark.

The reserves stood at $1,37,559 million, a rise of $1,901 million over last week, according to the Reserve Bank of India's weekly statistical supplement.

The inflows are mainly due to increased inflows from FIIs, intervention by the central bank in the forex market and revaluation of foreign currencies.

The country's foreign currency assets also grew by $1,917 million to touch the $1,31,761 million mark.

The gold reserves were pegged at $4,376 million a fall of $14 million over last week due to revaluation, while SDRs remained static at $5 million, it added. The country's reserve tranche position in the IMF fell by $2 million to $1,417 million.

Loans and advances to the state government declined by Rs 1,564 crore (Rs 15.64 billion) to Rs 648 crore (Rs 6.48 billion) while that to the central government showed a nil balance.

During the fortnight ending Feb 25, aggregate deposits went up by Rs 23,586 crore (1.4 per cent) to Rs 16,93,862 crore (Rs 19938.62 billion). Demand deposits rose by Rs 9,341 crore (Rs 93.41 billion) to Rs 2,48,243 crore (Rs 2482.43 billion) while time deposits were up by Rs 14,245 crore (Rs 142.45 billion) to Rs 14,45,619 crore (Rs 14456.19 billion).

Bank credit increased by Rs 16,818 crore (1.6 per cent) to Rs 10,63,599 crore (Rs 10635.99 billion) while food credit fell by Rs 804 crore (Rs 8.04 billion) to Rs 41,135 crore (Rs 411.35 billion).

Non food credit rose by Rs 17,621 crore (Rs 176.21 billion) to Rs 10,22,464 crore (Rs 10224.64 billion), it added.

Source: PTI
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