The country’s foreign exchange reserves have gone up by a record Rs 3, 71, 336 ($92.83 billion) in 2007-08. The domestic forex reserve was estimated to be Rs 8,68, 222 crore as on March 30, 2007.
The Reserve Bank of India’s (RBI) latest weekly statistical supplement (WSS) has shown that for the week ended March 28, 2008 forex reserves rose by Rs 7,726 crore to touch Rs 12,39,558 crore. Foreign-currency assets increased by Rs 7,723 crore to Rs 11, 99,579 crore and gold reserves were unchanged at Rs 38,154 crore. The nation’s reserves with the International Monetary Fund rose by Rs 3 crore to Rs 1,751 crore, while its special drawing rights with the IMF increased to Rs 74 crore.
Foreign exchange reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund. Meanwhile, money supply growth or M3 was up Rs 11, 284 crore at Rs 38, 76,926 crore in the two weeks ended March 14. M3, mainly comprises currency in public circulation, bank deposits and money with the RBI. At the same time, aggregate bank deposits outstanding as on March 14, was down by Rs 5,635 crore to Rs 30,75,224 crore, while bank credit rose to Rs 21,390 crore to Rs 22,72,603 crore.