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Foreign currency reserves rise to $40.18 billion

India's foreign currency reserves continued their upswing with a further rise of $173 million to $40.18 billion for the week ended January 5.

The foreign currency assets (FCA) increased by $114 million to $37.37 billion as compared to $ 37.25 billion in the previous week, Reserve Bank of India said in its weekly statistical supplement issued on Saturday.

During the past nine weeks, the reserves rose from $34.73 billion on November 11 last year to the current $40.18 billion, which includes proceeds of over $5 billion from State Bank of India's India Millennium Deposits.

FCA expressed in US dollars include the effect of appreciation/depreciation of non-US currencies, such as yen, euro and sterling held in reserves, it said.

Gold reserves also rose by $59 million to $2.81 billion in the reporting week, while special drawing rights remained static at $2 million.

Loans and advances to the central government increased by Rs 26.46 billion from a nil balance in previous week, while that to states declined by Rs 670 million to Rs 46.23 billion.

Aggregate deposits of scheduled commercial banks as on December 29 rose by Rs 102.18 billion to Rs 9316.57 billion, while bank credit was up by Rs 102.42 billion to Rs 4952.47 billion in the fortnight.

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