India's forex reserves cross record $95 billion

Monday, 01 December 2003, 20:30 IST
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NEW DELHI: India's record foreign exchange reserves crossed the $95 billion mark in the week ending November 21, the Reserve Bank of India (RBI) said Saturday. From $93.663 billion reserves in the week ending November 14, fresh inflow of $1.71 billion helped to raise the reserves to $95.373 billion, according to the data. "Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies (such as euro, pound sterling and yen) held in reserves," an RBI statement said. The appreciation was mainly in the foreign currency assets that rose to $91.45 billion, while gold reserves remained unchanged at $3.92 billion and special drawing rights (SDR) at $3 million. Foreign exchange reserves do not include India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF), the statement said. During the week ending November 21, India's RTP rose by $3 million. "RTP may change, from time to time, due to India's transactions under the Financial Transaction Plan with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar," the central bank said.
Source: IANS