India's foreign currency reserves rise to $142 B

By agencies   |   Monday, 28 March 2005, 08:00 Hrs
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NEW DELHI: India's foreign exchange reserves continued to surge ahead and grew by $1.7 billion to cross $142 billion mark for the week ended March 18 due to the Reserve Bank of India's (RBI) intervention in the market.

The country's foreign exchange reserves rose by $1701 million to touch $ 1,42,130 million, according to RBI's weekly statistical supplement released today.

The foreign currency assets went up by $1707 million to reach at $1,36,291 million for the reporting week.

Gold reserves and SDRs remained static at $4,376 million and $5 million respectively, it added.

The country's reserve tranche position in the IMF declined by $6 million to $1,458 million.

The inflows were mainly due to ongoing intervention by the central bank in the forex market, FII inward investments and revaluation of foreign currencies, analysts said.

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