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India's forex reserves inch closer to $75 B
By siliconindia
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Monday, 07 April 2003, 19:30 IST
MUMBAI: After a dip last week, India's foreign exchange reserves again went up to record highs and were nearing the $75 billion mark during the week ended March 28, 2003.
Increased remittances and fresh inflows saw foreign exchange reserves spurt by $984 million as against a fall of $97 million in the previous week. The reserves now stand at $74,805 million, according to RBI's weekly statistical supplement released on Saturday.
The total inflows for the entire fiscal stood at $20,651 million as against $11,898 million in the previous year, according to RBI's statement.
The foreign currency assets also rose considerably by $984 million to cross the $71 billion mark and stood at $71,076 million.
Gold reserves and special drawing rights remained static at $3,725 million and $4 million respectively, it added.
During the year ended March 2003, gold reserves rose by $673 million ($341 million) while the special drawing rights declined by $6 million (increased by $8 million), the statement said.