Forex reserves climb to $316.2 bn

Written by Banking Bureau | Mumbai, May 30 | Updated: May 31 2008, 06:27am hrs
Indias foreign-exchange reserves rose $2.09 billion to a record $316.2 billion in the week ended May 23, the central bank said.

Foreign-currency assets climbed $2.085 billion to $306.2 billion, the Reserve Bank of India said in its weekly statistical supplement (WSS), in Mumbai. Gold reserves and the nations special drawing rights with the International Monetary Fund remained unchanged at $9.43 billion and $11 million respectively. Its reserves with the IMF rose $5 million to $530 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.

Indias foreign-exchange reserves have increased $111.2 billion in the past year, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund.

Meanwhile, Indias money supply growth or M3 grew 22% in the two weeks ended May 9 from a year earlier, more than the 21.2% for the prior two weeks, data from the central bank showed.