The country?s foreign exchange reserves fell $550 million to $245.8 billion in the week ended November 21, the Reserve Bank of India said in its weekly statistical supplement, on Friday. Foreign currency assets fell $550 million to $236.97 billion while the nation?s gold reserves remained unchanged at $8.38 billion, the central bank said. India?s special drawing rights with the International Monetary Fund were unchanged at $3 million and its reserves with the IMF were $443 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.
Meanwhile, Indian bank loans rose by Rs 19,850 crore in the two weeks ended November 7, raising outstanding advances to Rs 26.3 lakh crore, according to a central bank data. Loans to industry and consumers jumped by Rs 165.3 lakh crore during the period, while food credit climbed Rs 3,320 crore, the Reserve Bank of India said.
Credit rose 27.7%, or by Rs 5.71 lakh crore, in the 12 months through November 7. Total bank deposits jumped 20.7%, or Rs 6.03 lakh crore, in the same period to Rs 35.2 lakh crore. Besides, money supply grew 19.2% in the two weeks ended November 7 from a year earlier, compared with 19.9% 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 43.8 lakh crore on Nov ember 7, the RBI said.
