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Forex reserves jump to $107 billion

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February 21, 2004 13:29 IST

India's foreign exchange reserves grew further by $899 million to touch $107.5 billion for the week ended February 13.

The country's foreign exchange reserves rose by $899 million to $107.506 billion in the period under review, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

The foreign currency assets also saw an increase of $900 million to touch $1,03.215 billion, it said.

Forex market sources said the reserves have gone up due to fresh inflows and revaluation of the US dollar vis-à-vis other currencies.

RBI said gold reserves remained static at $4.289 billion, while the special drawing rights declined by $1 million to $2 million.

India's Reserve Tranche Position with the International Monetary Fund rose by $19 million to $1.336 billion, the central bank said, adding that the RTP may 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 up by Rs 1,073 crore (Rs 10.73 billion) at Rs 4,918 crore (Rs 49.18 billion), the RBI added.

Aggregate deposits of scheduled commercial banks as on February 6 grew by Rs 14,120 crore (Rs 141.20 billion) (1 per cent) to Rs 14,53,805 crore (Rs 14,538.05 billion), the RBI said.

Bank credit increased by Rs 10,829 crore (Rs 108.29 billion) at Rs 8,06,180 crore (Rs 8,061.80 billion).

Food credit was down by Rs 218 crore (Rs 2.18 billion) at Rs 36,468 crore (Rs 364.68 billion), while non-food credit increased by Rs 11,047 crore (Rs 110.47 billion) to Rs 7,69,711 crore (Rs 7,697.11 billion), the apex bank said.

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