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Journalism of Courage
Driven by huge overseas investment and revaluation of gold, India’s foreign exchange reserves rose further by $1.04 billion to cross $122 billion mark during the week ended November 5, 2004. The foreign currency assets were also up by $882 million to $1,16,533 million, the RBI said. Foreign institutional inflows and revaluation of international currencies, including the US dollar, as well as that of gold due to rise in prices across the globe contributed to the surge in reserves, analysts said. Special drawing rights remained static at $5 million while gold rose by $159 million at $4,351 million, RBI said. India’s reserve tranche position with the International Monetary Fund rose by $5 million and stood at $1,335 million.
