The country?s foreign-exchange reserves fell by the most in 2? years, the central bank said in its weekly statistical statement on Friday. Reserves declined $4.97 billion, the most since December 2005, to $310.7 billion in the week ended June 13, the central bank said. The foreign-currency assets dropped by $4.97 billion to touch $300.95 billion. Gold reserves were unchanged at $9.2 billion while reserves with the International Monetary Fund fell by $8 million to $519 million.
The nation?s special drawing rights with the International Monetary Fund remained unchanged at $11 million. The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, the yen and other currencies during the period, the central bank said.
India?s foreign-exchange reserves, including overseas currencies, gold and special drawing rights with the International Monetary Fund, have increased $99.7 billion in the past year, the bank said.
Meanwhile, banks? loans rose by Rs 16,000 crore in the two weeks ended June 6, taking outstanding advances to Rs 23.8 lakh crore, central bank data showed. Loans to industry and consumers increased by Rs 21,110 crore,while food credit fell by Rs 5,110 crore during the period. Credit rose by 25.9%, or by Rs 4.9 lask crore , in the 12 months through June 6. Total bank deposits rose by 23.2%, or Rs 6.14 lakh crore , in the same period to Rs 32.6 lakh crore.
At the same time, money supply grew 21.4% in the two weeks ended June 6 from a year earlier, compared with 22.5% in the prior two weeks. M3, which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood at Rs 41 lask crore on June 6.