The country?s foreign exchange reserves fell for the sixth week, the longest continuous decline in more than eight years, while the credit off take – at 29% and money supply – at 20% have remained higher than the Reserve Bank of India?s (RBI) projection, revealed the central bank?s weekly stastical supplement, on Friday. Foreign exchange reserves dropped $5.5 billion to $252.9 billion in the week ended October 31, the RBI said.

Reserves had depleted by $15 billion in the week ended October 24. The credit offtake rose by 29%, or by Rs 5, 88,333 crore, in the 12 months through October 24. Total bank deposits rose by 21%, or Rs 6,06,057 crore, in the same period, to Rs 34, 86,221 crore. At the same time, money supply in India grew 19.9% in the two weeks ended October 24 from a year earlier, compared with 20.3% in the prior two weeks, the central bank data showed. M3, which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood at Rs 43,38,172 crore as on October 24, the RBI said.

Foreign currency assets fell $5.4 billion to $244 billion. Gold reserves declined from $183 million to $8.4 billion. The nation?s special drawing rights with the International Monetary Fund (IMF) remained unchanged at $9 million and reserves with the IMF were at $447 million. The change in foreign currency assets was partly because of fluctuations in the value of the dollar against the euro, yen and other currencies during the period, the central bank said.

The reserves comprise overseas currencies, gold and special drawing rights with the IMF. Meanwhile, the loan books of banks rose by Rs 7,637 crore in the two weeks ended October 24, raising outstanding advances to Rs 26,15,041 crore, according to central bank data. Loans to industry and consumers increased by Rs 8,277 crore during the period, while food credit fell Rs 640 crore, the RBI said.

Bungee Jump

•Reserves had depleted by $15 billion in the week ended October 24

• The credit offtake rose by 29%, or by Rs 5, 88,333 crore, in the 12 months through October 24