BUSINESS

Forex reserves surge ahead

MUMBAI NOV. 1. India's foreign exchange reserves continued to surge ahead to record highs following further inflow of $577 million during the week ended October 24. Foreign exchange reserves rose from $91.315 billion to $91.692 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. These reserves have gone up mainly due to depreciation of dollar vis-a-vis other foreign currencies and fresh inflows. The apex bank said the foreign currency assets also grew by $577 million to $87.969 billion. The Reserve Tranche Position (RTP) with the International Monetary Fund increased by $8 million to $1.209 billion.

PTI

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