India's forex reserves nudge up to $85 billion

Monday, 04 August 2003, 19:30 IST
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NEW DELHI: India's foreign exchange reserves nudged close to the $85 billion mark with inflows of $803 million during the week ending July 26. From $84.1 billion in the previous week, the reserves rose to $84.9 billion, according to the Reserve Bank of India's weekly statistical data released Saturday. India's forex reserves have been growing steadily over the last months. Since March end, there has been an inflow of over $9.47 billion, according to the central bank data. The week ending July 26 saw the foreign currency assets rise to $81.2 billion, with fresh inflows and revaluation of non-U.S. currencies, including the euro, against the dollar, according to the RBI. While the value of gold reserves remained unchanged at $3.70 billion, the special drawing rights (SDR) increased by $1 million to $6 million, data showed. Foreign exchange reserves do not include India's reserve tranche position (RTP) with the International Monetary Fund (IMF), the RBI stated.
Source: IANS
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