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Massive rise in forex reserves by USD 1.558 bn to USD143.148 bn

Written by: Staff
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Mumbai, Mar 10 (UNI) Foreign exchange reserves (Forex) went up for the seventh week in a row by US dollar 1.558 billion to USD 143.148 billion for the week ended on March 3, according to the weekly supplement released by the Reserve Bank of India (RBI).

The rise in the forex reserves could be attributed to the healthy foreign fund inflow in the booming equity markets and a stronger rupee versus the leading international currencies during the above period.

The reserves had gone up by US dollar 350 million to USD 141.590 billion for the week ended on Feb 24.

Foreign currency assets rose by USD 1.488 billion to USD 136.643 billion, the RBI said.

Gold reserves also went up by USD 67 million to USD 5.747 billion, while that of SDRs were unchanged at Rs 12 crore.

The reserve tranche position with the IMF increased by USD three million to USD 755 million.

Loans and advances of the Central government remained nil for the week ended on February 25. The loans and advances of the State governments decreased by 14 crores during the week ended on March 3 to nil.

The aggregate deposits with the scheduled commercial banks were down by Rs 23,478 crore to Rs 19,79,542 crore for the fortnight ending on February 24, the Central bank said.

The bank credits rose up by Rs 34,478 crore to Rs 14,04,995 crore during the same period.

The food credit was up by Rs 2,184 crore to Rs 40,872 crore and non-food credit was up by Rs 32,294 crore to Rs 13,64,123 crore.

Meanwhile, the rupee ended weaker by 17 paise today at 44.49/50 per USD, as compared to last week's close at 44.32/33 largely due to stronger dollar in the international market as well as foreign fund outflows in the derivatives markets.

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