India's fx reserves cross $53 bn mark, BoP surplus at $5.56 bn

["Ulhas Joglekar" <joglekarulhas@xxxxxxxxxxx>]

Hindustantimes.com

March 30, 2002

India's forex reserves cross $ 53 bn-mark, BoP surplus at $ 5.56 bn

Agencies
Mumbai , 30-03-2002

India's foreign exchange reserves rose by a record $ 1.128 billion in the
week-ended March 22, the highest ever inflow in the recent past, to soar
past the $ 53 billion mark.

During the past three weeks, foreign exchange inflows have shot up by more
than $ two billion.

The foreign exchange reserves touched a new record high of $ 53,317 million
following fresh inflows in the reporting week, according to Reserve Bank of
India's weekly statistical supplement issued here on Saturday.

This record rise was due to foreign exchange earnings, revaluation of the
Rupee and foreign investment inflows, RBI sources said.

The foreign currency assets (FCA), which ended the week at $ 50,255 million,
were solely responsible for this massive jump, RBI said.

Gold at $ 3,052 million and special drawing rights at $ 10 million were
unchanged for the week ended March 22.

Loans and advances to central government decreased by Rs 3,664 crore to
touch a nil balance while that to states rose by Rs 303 crore at Rs 6,925
crore.

April-Dec BoP surplus $5.569 bn

Reuters reports: India's balance of payments (BOP) surplus in the nine
months ended December 2001 was $5.569 billion against a surplus of $2.735
billion in the same period of the previous year, data released by RBI
showed.

The data showed the trade deficit in April-December narrowed to $9.482
billion from $12.045 billion in the same period last year.

The country posted a BoP surplus of $5.86 billion in 2000-01.

RBI said foreign investment, including portfolio and direct flows, was
higher at $3.5 billion in April-December compared with $2.491 billion in the
same period of the previous year.

The current account showed a deficit of $726 million in April-December, down
from $3.186 billion a year ago.

For the October-December quarter, the current account surplus was $785
million and the balance of payments surplus, $3.624 billion.

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