India's forex reserves surge close to $120 billion

Monday, 07 June 2004, 19:30 IST
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NEW DELHI: India's foreign exchange reserves surged last week after a dip in the previous week with fresh remittances and inflows of $1.24 billion taking the tally close to a record $120 billion, official figures showed Saturday. According to the Reserve Bank of India's (RBI) weekly data, during the week ended May 28 foreign currency assets gained $1.24 billion, while the gold assets remained at $4.19 billion and special drawing rights (SDRs) at $2 million. SDRs are international reserve asset created by the International Monetary Fund in 1969 to supplement the existing official reserves of member countries. It is based on a basket of international currencies. Similarly, the Reserve Tranche Position (RTP) with the International Monetary Fund appreciated during the week by $13 million, taking the total forex reserves to $119.82 billion, said the RBI bulletin. In the previous week ended May 21, the reserves had dipped $56 million. With some of the uncertainties regarding the new government's economic programme having been removed, fresh inflows in remittances are being witnessed, say experts. The central bank said: "The foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling, Yen held in reserves."
Source: IANS
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