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Forex Reserves Cross $121 Billion Mark Email this page
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Mumbai, Nov. 6 (NNN): Country’s foreign exchange (forex) reserves continued to rise with further inflows of $562 million to cross $121 billion mark during the week ended October 29, 2004, according to the Reserve Bank of India (RBI) weekly statistical supplement issued here on Saturday. Forex reserves for the week under review grew by $562 million to $1,21,178 million, the bank said. The forex kitty saw an inflow of over $ 2 billion in the month of October. The foreign currency assets were also up by $550 million to $1,15,651 million.
The central bank said foreign currency assets expressed in US dollar terms included the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen.

Foreign currency assets rose to $115,651 million for the week under review as against $115,101 million in the previous week, said RBI.

Special Drawing Rights (SDRs) rose by $ 4million at $5 million while gold remained static at $4,192 million.

India's Reserve Tranche Position (RTP) with International Monetary Fund (IMF) rose by USD eight million and stood at $1,330 million, it said.

Loans and advances to central government had a nil balance while that to state governments were down by Rs 1,474 crore to Rs 4,460 crore.

The trade and foreign institutional inflows and revaluation of international currencies, including US dollar, contributed to the surge in reserves, analysts said.

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