The country?s foreign-exchange reserves fell by $691 million to $311.8 billion in the week ended June 27, the central bank said. Foreign-currency assets declined $694 million to $302.05 billion during the week, the Reserve Bank of India said in its weekly statistical supplement, on Friday.
Gold reserves were unchanged at $9.2 billion, while reserves with the International Monetary Fund rose by $3 million to $527 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 $98.3 billion in the past year, the bank said. Meanwhile, money supply (M3), which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood outstanding at Rs 40,91,109 crore as against Rs 40,06,722 crore as on March 31, 2008, the central bank data showed.
At the same time, aggregate deposits outstanding as on June 20, 2008 stood at Rs 32,49,776 crore at 21.9%. Non-food credit stood at Rs 23,42,301 crore while food credit stood at Rs 50,147 crore during the period. Credit rose by 26.3% in the 12 months through June 20.