India's forex reserves rise by $924 million

Monday, 27 December 2004, 08:00 Hrs
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MUMBAI: India's foreign exchange reserves rose to a whopping $130.62 billion in the week ended Dec 17 after witnessing a moderate fall in the previous week, said the Reserve Bank of India (RBI).

This represents an increase of $924 million in the country's foreign exchange pile over the previous week, showed the weekly figures issued by the central bank here.

During the week ended Dec 10, the foreign exchange pile had witnessed a fall of $1.02 billion. The trend was reversed during the week ended Dec 17 on increased foreign fund inflows.

During the last weekly period, the country's foreign currency assets registered an increase of $915 million over the previous week to touch $124.67 billion, said the RBI statement.

The central bank said foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling, and yen held in reserves.

During the week ended Dec 17, gold reserves remained unchanged at $4.54 billion, said the RBI statement.

The country's reserve position in the International Monetary Fund, which is included in the total foreign exchange reserves since Apr 2, in keeping with the international best practice, rose $9 million to touch $1.41 billion.

Source: IANS
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