IMD proceeds push up forex reserves

MUMBAI, NOV. 25. Propelled by the India Millennium Deposit (IMD), the foreign exchange reserves of the country swelled by a massive $1.66 billion to $37.08 billion in the week ended November 17 over the previous week.

The reserves had gone up by $676 million to $35.41 billion in the previous week, according to the Reserve Bank of India's latest weekly statistical supplement.

Foreign currency assets (FCA) rose by $1,674 million to $34.28 billion as compared to the last week, it said.

FCAs expressed in U.S. dollar terms include the effect of appreciation/depreciation of non-U.S. currencies.

While gold reserves remained static at $2,800 million special drawing rights declined by $10 million to $2 million during the reporting week.

Loans and advances extended by the RBI to Central and State governments fell by Rs. 1,504 crores and Rs. 547 crores respectively to Rs. 4,555 crores and Rs. 4,242 crores.

- PTI

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Section  : Business
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