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Foreign currency assets better at $ 26.5 billion, discloses RBI

Foreign currency assets of India have swollen by $ 23 million to $ 26.5 billion during the week ended January 1.

According to the Reserve Bank of India's weekly statistical supplement, gold reserves declined by $ 21 billion to $ 3.04 trillion while Special Drawing Rights reserves improved by $ 1 billion.

As a result, total foreign exchange reserves posted a marginal gain of $ 3 million during the week.

Meanwhile, the Centre's borrowing declined by Rs 9.18 billion to Rs 19.26 billion during the week ended November 27. Bank investments remained unchanged at Rs 29.16 billion.

India's foreign exchange reserves reached the level of $ 30 billion on January 1.

The foreign exchange reserves at end- December 1997 were $ 26.57 billion.

According to the weekly statistical supplement of the RBI, the increase in reserves on the New Year Day over the previous week was $ 45 million after allowing for a reduction of $ 102 million in SDR holdings on account of the International Monetary Fund repayments and revaluation of gold.

UNI

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