The country?s foreign-exchange reserves increased by $4.6 billion to $250.4 billion for the week ended December 5. Foreign-currency assets also jumped $4.58 billion to $241.7 billion, according the the Weekly Statistical Statement by the Reserve Bank of India (RBI). The RBI attributed the change in foreign-currency assets partly to the changes in the value of the dollar against the euro, yen and other currencies during the period. The country?s gold reserves remained unchanged at $7.86 billion.
RBI said the foreign-exchange reserves decreased $22.5 billion in the past year. The reserves comprise overseas currencies, gold and special drawing rights with the IMF. The RBI statement showed that the country?s special drawing rights with the International Monetary Fund (IMF) were unchanged at $3 million. Its reserves with the IMF increased by $19 million to $864 million.
Money supply in India grew 20% in the two weeks ended December 5 from a year earlier, compared with 19% in the prior two weeks, central bank data showed.
M3, which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood at Rs 44,23,743 crore December 5, the Reserve Bank of India said.
Bank loans rose by Rs 9,409 crore in the two weeks ended December 5, raising outstanding advances to Rs 26,42,109 crore, according to central bank data.
Loans to industry and consumers increased by Rs 7,560 crore during the period, while food credit climbed Rs 1,849 crore, the Reserve Bank of India said. Credit rose 26.4%, or Rs 5, 51,881 crore, in the 12 months through December 5. Total bank deposits rose 21.5%, or Rs 6, 29,835 crore to Rs 35, 54,888 crore.
