Forex reserves exceed $ 30 bn

MUMBAI, JAN 8: India’s foreign exchange reserves reached the level of $ 30,012 million as on January one, 1999. The increase in reserves, over the previous week amounted to $ 45 million, after allowing for a reduction of $ 102 million in SDR (special drawing rights) holdings on account of repayments to the IMF (International Monetary Fund) and revaluation of gold reserves.

According to Reseve Bank of India’s (RBI) weekly statistical supplement, foreign currency assets (FCA) as on January one increased by $ 147 million over the previous week and by $ 3.025 billion over the end-December 1997 figures.