Marginal drop in forex reserves

CHENNAI, SEPT. 2. Foreign currency assets declined by $31 million in the week ended August 25 to $32.67 billion. Gold and SDR (special drawing rights) holdings were unchanged at $2.92 billion and $2 million respectively.

Total reserves were down by $31 million at $35.60 billion.

The drop in FCAs from the end of March was $2.38 billion, in gold holdings $50 million and in SDRs $10 million.

On a year-on-year basis, the growth in FCAs was $2.31 billion and gold holdings $270 million. SDRs were marginally lower at $7 million.

Total reserves were up by $2.57 billion.

The borrowings of the Central Government from the Reserve Bank during the week were higher by Rs. 366 crores at Rs. 2,056 crores and of State governments by Rs. 343 crores at Rs. 2.515 crores.

Loans and advances to scheduled commercial banks were lower by Rs. 999 crores at Rs. 6,251 crores.

Reserve Money has registered a decline of Rs. 6,208 crores in a week and stood at Rs. 2,72,111 crores on August 25.

The drop in the current financial year so far was Rs. 8,203 crores (-2.9 per cent) against Rs. 5,236 crores (-2 per cent). On a year-on-year basis, the growth was Rs. 18,002 crores (7.1 per cent)

The net RBI credit to government in a week was lower by Rs. 5,125 crores at Rs. 1,50,784 crores. The increase in the current financial year so far was Rs. 2,520 crores (1.7 per cent) against a decline of Rs. 1,871 crores (-1.2 per cent).

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