India's forex reserves cross $100 billion

Monday, 29 December 2003, 08:00 Hrs
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NEW DELHI: India's central bank Saturday announced the country's foreign exchange reserves had touched $100.049 billion during the week ending December 19.

Finance Minister Jaswant Singh had last week announced India's reserves had crossed ark of $100 billion.

"Foreign exchange reserves do not include India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF). 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 US dollar," the RBI stated.

The appreciation and depreciation of non-US currencies like the euro, sterling and yen held in reserves, as also inflow of funds led to the increase in forex assets, the RBI stated.

During the week the central bank's gold reserves remained static at $4.038 billion and special drawing rights at $3 million while the Reserve Tranche Position (RTP) with the International Monetary Fund rose by $8 million to $1.241 billion.

Source: IANS
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