India's foreign exchange reserves fall by $5 billion

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Mumbai, Nov 21 : The country's foreign exchange reserves fell $5.02 billion to $246.3 billion in the week ended November 14, the Reserve Bank of India said in its weekly statistical supplement, on Friday.

Foreign currency assets fell $5 billion to $237.5 billion while the nation's gold reserves remained unchanged at $8.38 billion, the RBI said.

The nation's special drawing rights with the International Monetary Fund (IMF) declined $6 million to $3 million and its reserves with the IMF fell by $3 million to $448 million.

The change in foreign currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, the central bank said.

India's foreign-exchange reserves decreased $24.8 billion in the past year, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the IMF.

Meanwhile, Indian banks' loans rose by Rs 19,850 crore in the two weeks ended November 7, raising outstanding advances to Rs 26.3 lakh crore, according to central bank data.

Loans to industry and consumers jumped by Rs 16,530 crore during the period, while food credit climbed Rs 3,320 crore, the RBI said. Credit rose 27.7%, or by Rs 5.71 lakh crore, in the 12 months through November 7. Total bank deposits jumped 20.7%, or Rs 6.03 lakh crore, in the same period to Rs 35.2 lakh crore.