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Forex Reserves Cross $122 Billion Email this page
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Mumbai, Nov. 13 (NNN):Country's foreign exchange (forex) reserves rose further by $1.04 billion to cross $122 billion mark during the week ended November five, 2004, mainly driven by huge overseas investment and revaluation of gold, the Reserve Bank of India (RBI) said in its weekly statistical supplement released on Saturday.
Foreign exchange reserves for the week under review grew by $1,046 million to $1,22,224 million, the foreign currency assets were also up by $882 million to $1,16,533 million, the RBI said.

Foreign institutional inflows and revaluation of international currencies, including the US dollar, as well as that of gold due to rise in prices across the globe contributed to the surge in reserves, analysts said.

Special Drawing Rights (SDRs) remained static at $5 million while gold rose by $159 million at $4,351 million, it said.

India's Reserve Tranche Position with the International Monetary Fund rose by $5 million and stood at $1,335 million, it said.

Loans and advances to central government had a nil balance while that to state governments were down by Rs 1,124 crore to Rs 3,336 crore.

The RBI said during the fortnight ending October 29, aggregate deposits grew by Rs 11,642 crore (0.7 per cent) to Rs 16,16,874 crore.

Meanwhile, demand deposits also grew by Rs 14,710 crore to Rs 2,46,036 crore while time deposits declined by Rs 3,068 crore to Rs 13,70,838 crore.

Bank credit was up by Rs 17,259 crore to Rs 9,88,276 crore. Food credit rose by Rs 3,752 crore to Rs 39,712 crore while non-food credit went up by Rs 13,506 crore to Rs 9,48,565 crore.

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