India's forex reserves rise further to $86.26 billion

Monday, 08 September 2003, 19:30 IST
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NEW DELHI: India's foreign exchange reserves have risen further to $86.26 billion from $85.56 billion, with fresh inflows of remittances and appreciation of foreign currency assets, according to the Reserve Bank of India (RBI) Saturday. The week ending August 29 saw a $692 million appreciation in foreign currency assets. "Foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves," said the official statement. While the gold reserves in coins and bullion have maintained their levels of $3.63 billion and special drawing rights (SDR) has remained at $3 million, India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) dipped $1 million to $959 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 dollar," said the statement. In his last public appearance Friday as Governor of the RBI, Bimal Jalan said at the annual conference of authorised dealers and chiefs of international banking divisions in Mumbai that the "foreign exchange was now not a constraint at all. Strong external position of the country had many dimensions. It gave a sense of security and confidence to the entire country."
Source: IANS
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