227 Words Essay on India’s Foreign Exchange Reserves Cross Usd 75 Billion

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Mumbai: India’s foreign exchange reserves continued to rise for the 18th straight week to cross the US dollar 75 billion mark. The foreign exchange reserves during the week ending February 14 rose by USD 616 million mainly due to foreign investments and export remittances at USD 75,283 million, according to Reserve Bank of India’s weekly statistical supplement released here today. The foreign currency assets increased by USD 614 million at USD 71,586 million in the week under review, RBI said.

FCA expressed in dollar terms include the effects of appreciation/depreciation of non-US currencies like the Euro, Sterling, Yen and others held in reserves, the apex bank said.

RBI said gold reserves remained static at USD 3,688 million while special drawing rights rose by USD two million to USD nine million, the apex bank said.

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Loans to state governments declined by Rs 2.43 billion at Rs 53.22 billion while that to the Centre maintained a nil balance.

Aggregate deposits of scheduled commercial banks during the fortnight ended February seven rose by Rs 88.76 billion (0.7 per cent) taking the total to Rs 12728.44 billion while bank credit was up by Rs 73.07 billion (one per cent) to Rs 7038.59 billion, RBI said.

Food credit grew by Rs 6.48 billion to Rs 504.32 billion while non-credit increased by Rs 66.59 billion to Rs 6534.27 billion, the apex bank added.

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