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Forex reserves dip $971 mn to $295 bn
December, 18th 2010

Foreign exchange reserves dipped $971 million during the week ended December 10, because of revaluation of non-dollar assets vis--vis the dollar, according to the latest Reserve Bank of India data.

Total forex reserves, including gold and SDRs currency with the IMF rose $979 mil-lion to touch $295.4 billion during the week ended December 10.

While foreign currency assets dipped $979 million, SDR and reserves with IMF rose $6 million and $2 million, respectively, during the week.

Other RBI data show that banks have been withdrawing the money they have invested in mutual funds to generate cash to meet loan demand.

Banks pulled out Rs 13,114 crore during the fort-night ended December 3, bring down their total MF investments to Rs 39,289 crore. Loans have grown by 23% annually, way above the central bank's comfort levels.

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