Forex reserves up by 36 mn

MUMBAI, NOV 14: The country8217;s forex reserves rose by 36 million during the week ended November 6, 1998 to touch 29.71 billion. The rise is mainly on account of the increase in gold reserves which went up by 78 million during the same week to touch 3.06 billion.

The country8217;s foreign currency assets, however, dipped by 42 million during the week to touch 26.54 billion. The SDR reserves remained unchanged at 113 million. The centre8217;s recourse to ways and means advances was up by Rs 904 crore to touch Rs 3,330 crore for week ended October 30. The government subsequently privately placed Rs 5,000 crore with the Reserve Bank of India on November 2 through a five- and a six-year paper. It is likely that the government must have breached the 75 mark of its limit which forced the private placement. Money supply M3n was down marginally to 20.5 for the fortnight.