BUSINESS

Forex reserves rebound

MUMBAI NOV. 9. After a marginal decline last week, India's foreign exchange reserves once again rose by $582 million during the week ended November 1 following fresh inflows and revaluation of the dollar vis-a-vis the euro.

Foreign exchange reserves rose by $582 million and stood at $64.621 billion, according to the weekly statistical supplement issued by the Reserve Bank of India here today.

Foreign currency assets during this period also rose by $604 million to $61.333 billion, the RBI said.

During the week ended October 25, foreign exchange reserves and foreign currency assets had declined by $19 million. Gold reserves declined by $22 million due to revaluation and stood at $3.278 billion while special drawing rights remained unchanged at $10 million, the apex bank said.

Loans and advances, during the week ended November 1, to State governments declined by Rs. 1,258 crores to Rs. 4,969 crores while that to Central Government rose by Rs. 962 crores, it said.

Aggregate deposits of scheduled commercial banks in the fortnight ended October 25 rose by Rs. 2,981 crores to Rs. 1,242,754 crores.

Bank credit in the same period rose to Rs. 674,156 crores, up by Rs. 4,544 crores. Food credit increased by Rs. 1,163 crores to Rs. 54,110 crores while non-food credit rose by Rs. 3,380 crores to Rs. 620,046 crores, the RBI added. — PTI

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