India's forex reserves cross $123 billion

India's foreign exchange reserves rose further by $1.31 billion to cross $123 billion during the week ended November 12 due to huge overseas investment in stock market and trade inflows.

Foreign exchange reserves for the week under review grew by $1.3 billion to $123.54 billion, the Reserve Bank of India said in its weekly statistical supplement released on Saturday.

The foreign currency assets were also up by $1.31 billion to $117.84 billion, the RBI said.

Foreign institutional inflows, remittances of export earnings and revaluation of international currencies, including US dollar, contributed to the surge in reserves, analysts said.

Special drawing rights and gold remained static at $5 million and $4.35 billion respectively, it said. India's Reserve Tranche Position with the International Monetary Fund rose by $2 million to stand at $1.3 billion, it said.

Loans and advances to central government had a nil balance while that to state governments rose by Rs 3,708 crore (Rs 37.08 billion) to Rs 6,191 crore (Rs 61.91 billion).