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Forex reserves see $2.51-b spike








Our Bureau


Mumbai, Sept. 26 The foreign exchange reserves increased by $2.51 billion to touch $291.972 billion for the week ended September 19, according to figures released by the Reserve Bank of India’s Weekly Statistical Supplement.

For the week ended September 12, the reserves increased by $650 million to $289.461 billion. In the week under review, foreign currency assets increased by $2.509 billion to $282.811 billion.

A forex dealer attributed the increase in the reserves primarily to the strengthening of the dollar against the euro in the overseas markets. Gold reserves and SDRs were unchanged at $8.692 billion and $4 million respectively.

The reserve position in the IMF increased by $2 million to $465 million.

Bank Credit


Bank credit increased substantially by Rs 32,914 crore to Rs 24,91,248 crore as on September 12. Food credit increased by Rs 847 crore to Rs 45,190 crore and non-food credit increased by Rs 32,067 crore to Rs 24,46,058 crore.


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