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Forex reserves up $588 m

MUMBAI MAY 10. India's foreign exchange reserves continued to rise to record levels with fresh inflows of $588 million to touch $77.598 billion during the week ended May 2.

Foreign currency assets rose by $733 million to $74.205 billion, according to the Reserve Bank of India's weekly statistical supplement released here today.

The rise is mainly due to fresh inflows and revaluation of non-U.S. currencies, including the euro, against the dollar, analysts said.

The RBI said gold reserves during this period declined by $145 million to $3.389 billion due to volatility in prices while special drawing rights remained unchanged at $4 million. Loans and advances to the Central Government rose by Rs. 7,193 crores to Rs. 15,152 crores while that to States declined by Rs. 3,111 crores to Rs. 2,836 crores, the RBI said.

— PTI

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