India's forex reserves up by $163mn

India's foreign exchange reserves were up by $163 million during the week ended December 31, 2004 taking the total reserves to $1,31,178 million.

The foreign currency assets also grew by USD 115 million to touch $1,25,164 million, according to the Reserve Bank of India's weekly statistical supplement.

Revaluation of international currencies, including the US dollar, contributed to the flow in the reserves, analysts said adding during 2004, the foreign exchange reserves rose by over $30 billion.

Gold reserves also increased by $42 million following revaluation and stand at $4,582 million while Special Drawing Rights remained static at USD five million, the RBI said.

India's Reserve Tranche Position (RTP) with International Monetary Fund (IMF) increased by USD six million to reach USD 1,421 million, it said.

Loans and advances to state governments rose by Rs 820 crore to Rs 3,037 crore while that to central government showed a nil balance.

Aggregate deposits during the fortnight ending December 24, grew by Rs 920 crore (0.1 per cent) to reach Rs 16,22,579 crore.

Food credit increased by Rs 586 crore to reach Rs 43,779 crore while non-food credit touched Rs 9,83,229 crore, increasing by Rs 13,056 crore over the last fortnight, the central bank said.