The country?s foreign exchange reserves declined $1.8 billion to $245.9 billion in the week ended December 5, the Reserve Bank of India said in its weekly statistical supplement, on Friday.
Foreign-currency assets fell $1.82 billion to $237.1 billion, the Reserve Bank of India said. Gold reserves were at $7.86 billion and special drawing rights with the International Monetary Fund were unchanged at $3 million. The nation?s reserves with the IMF slipped $9 million to $845 million.
The change in foreign-currency assets is partly because of fluctuations 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 have declined by $27.7 billion in the past year, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund.
Meanwhile, Indian banks loan rose by Rs 70,208 crore in the month ended Nov 28, increasing outstanding advances to Rs 27,21,732 crore, according to the central bank data.
Loans to industry and consumers rose by Rs 71,287 crore during the period, while food credit fell Rs 1,079 crore, the Reserve Bank of India said. Credit rose 29.8%, or by Rs 6, 24,725 crore, in the 12 months through Nov 28. Total bank deposits jumped 23.6%, or Rs 6, 97,557 crore, in the same period to Rs 36, 49,506 crore. Meanwhile, money supply in India grew 19% in the two weeks to November 21 from a year earlier, compared with 19.2% in the prior two weeks, central bank data showed.
M3, which mainly comprises currency in public circulation, bank deposits and money invested in other savings plans, stood at Rs 43,80,915 crore on Nov 21, the RBI said.