BUSINESS

$175 m rise in forex reserves

MUMBAI: After registering a decline for the past four weeks, India's foreign exchange reserves increased by $175 million for the week ended May 27. These reserves stood at $139.829 billion, a rise of $175 million, during the week under review, according to the Reserve Bank of India's weekly statistical supplement released here on Saturday.

Foreign currency assets also registered a rise of $181 million to $133.948 billion for the reporting week.

The rise in inflows was mainly due to revaluation of international currencies, including the U.S. dollar, analysts said.

Gold reserves and Special Drawing Rights (SDRs) remained static at $4.443 billion and $4 million respectively.

The country's reserve tranche position dropped by $6 million to $1.434 billion, it said.

Loans and advances to the State governments increased by Rs. 868 crore to Rs. 895 crore while that to the Centre showed a nil balance.

PTI

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