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Forex reserves at record high

MUMBAI NOV. 16. Fresh foreign direct investment inflows, export remittances and revaluation of the U.S. dollar vis-a-vis the Euro have led India's foreign exchange reserves to reach a new record high and cross the $65 billion mark during the week ended November 8.

With the rupee gaining strength, the lag in export earnings has reduced, thus leading to the rise in the country's foreign exchange reserves by $755 million to $65.376 billion in the reporting week.

Foreign currency assets during this period also rose by $755 million to reach $62.088 billion, the Reserve Bank of India said in its weekly statistical supplement here today.

Gold reserves and special drawing rights remained unchanged at $3.278 billion and $10 million, the RBI said.

Loans and advances, in the week ended November 8, to State governments were up by Rs. 2,752 crores at Rs. 7,721 crores while that to the Central Government declined by Rs. 962 crores, it added.

Aggregate deposits of scheduled commercial banks during the fortnight ended November 1 rose by Rs. 6,764 crores to Rs. 1,246,357 crores. Bank credit in the same period rose to Rs. 679,885 crores, up by Rs. 6,351 crores.

Food credit increased by Rs. 2,708 crores to Rs. 55,413 crores while non-food credit rose by Rs. 3,643 crores to Rs. 624,471 crores, the RBI added.

PTI

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