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Forex reserves surpass $78 b

MUMBAI MAY 17. India's foreign exchange reserves continue to scale new heights and crossed the $78 billion mark following record inflows during the week ended May 9.

Foreign exchange reserves rose sharply by $961 million to touch $78.559 billion in the reporting week, according to the Reserve Bank of India's weekly statistical supplement released here today. Foreign currency assets also rose sharply by $959 million to $75.164 billion, it added.

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

While gold reserves remained static at $3.368 billion, special drawing rights grew by $2 million to $6 million.

Loans and advances to the Central Government declined by Rs. 6,759 crores to Rs. 8,393 crores while that to States grew by Rs. 1,076 crores to Rs. 3,912 crores, the RBI said.

Aggregate deposits during the fortnight ended May 2 rose by Rs. 2,865 crores to Rs. 13,23,713 crores while bank credit declined by Rs. 1,613 crores to Rs. 731,269 crores. — PTI

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